Inmet Mining’s largest shareholder throws support behind First Quantum bid
Peter Koven | Jan 10, 2013 6:00 PM ET | Last Updated: Jan 10, 2013 6:17 PM ET
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Inmet Mining/HandoutInmet Mining's Troilus open pit gold mine located in northwestern Quebec..
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TORONTO — Inmet Mining Corp.’s largest shareholder said it plans to tender its shares to the hostile takeover bid from First Quantum Minerals Ltd. unless circumstances change.
Leucadia National Corp. made the announcement in a filing and press release on Thursday. The New York-based investment holding company owns roughly 11 million Inmet shares, or 15.9% of the total.
The filing confirms speculation that Leucadia supports First Quantum’s $5.1-billion cash-and-stock offer. First Quantum previously stated that it was approached by a number of Inmet’s key shareholders, who were excited “about the potential for the combined company.” Investors also noted that Leucadia is buying Jefferies Group, which is acting as First Quantum’s financial advisor on the takeover (though sources said there was no relation between the two deals).
