Shareholders of Lundin Mining Corp. and Inmet Mining Corp. will have two more weeks before they are asked to vote on a friendly merger of the two entities.
Canadian Press said the posptponement of the shareholder meetings, from March 14 to March 28, was decided on the weekend after a hostile takeover bid was announced last week by Equinox Minerals:
The reason for the postponement is to allow time for shareholders to receive and review the recommendation of the board of directors in relation to the Equinox (TSX:EQN) bid, Lundin said Sunday in a news release.
The deal with Inmet requires approval by two-thirds of the shareholders of both companies.
Under it, Inmet stockholders would receive 3.4918 shares of the combined company, to be called Symterra Corp., for each Inmet share, while Lundin shareholders would receive 0.3333 of the combined company for each Lundin share held.