The Canadian Press - ONLINE EDITION

Hudbay Minerals extends takeover offer for Augusta Resource to May 27

  • Print

TORONTO - Hudbay Minerals Inc. (TSX:HBM) has extended its hostile takeover offer for Augusta Resource Corp. (TSX:AZC) until May 27.

The offer had been set to expire Friday.

Augusta is developing the Rosemont copper-molybdenum project near Tucson, Ariz.

The extension by Hudbay follows a decision by the B.C. Securities Commission to allow Augusta's shareholder rights plan to remain in place unless Hudbay extends its offer to July 16.

If Hudbay extends its offer to July 16, the rights plan will be blocked on July 15.

Hudbay, which owns about a 16 per cent stake in Augusta, has offered 0.315 of a Hudbay share for each Augusta share, valuing the company at about $458 million or $3.15 per share based on share prices Friday.

Shares in Augusta closed down 13 cents at $3.01 on the Toronto Stock Exchange on Friday, while Hudbay shares closed up 35 cents at $10.

Augusta adopted a shareholder rights plan last year following Hudbay's acquisition of a large stake in the company. Its shareholders reaffirmed the plan at the company's annual meeting earlier this month.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Keri Latimer looks for beauty in the dark and the spaces between the notes

View more like this

Photo Store Gallery

  • The sun peers through the fog to illuminate a tree covered in hoar frost near Headingley, Manitoba Thursday- Standup photo- February 02, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • Hay bales sit under a rainbow just west of Winnipeg Saturday, September 3, 2011.(John Woods/Winnipeg Free Press)

View More Gallery Photos

Poll

Should political leaders be highly visible on the frontlines of flood fights and other natural disasters?

View Results

View Related Story

Ads by Google