Zemex drops Inmet offer
Article Abstract:
Toronto, Ontario-based Zemex Corp. is backing off from its $515-million offer to merge with Inmet Mining Corp. after receiving a counteroffer from Inmet, although it remains interested in other deals. Zemex dropped its proposal after Inmet offered to buy back 65 million of its shares or 63% of the company's total outstanding shares, while Zemex proposed to buy each Inmet share for $4.50 cash from Inmet's shareholders, plus one share in the new company. Richard Lister, Zemex's president and CEO, said that they decided to drop their proposal since they are met with rejection from Inmet's three major shareholders, which strongly support the counteroffer.
Comment:
Inmet Mining is dropping its proposal to merge with the company after receiving a counteroffer, but seeks for other deals
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Zemex seeks 'new route' to Inmet
Article Abstract:
Zemex Corp. of Toronto, Ontario, has announced it will not make a conventional bid to takeover Inmet Mining Corp., also a Toronto, Ontario-based company, to avoid red tape in both Canadian and US takeover laws. Zemex President and CEO Richard Lister stated that his company will instead request shareholders of Inmet to approve a corporate restructuring to allow the merger of the two companies. The move would eliminate the need for Zemex to make two similar bids to both US and Canadian shareholders, which are required due to Inmet's poison pill.
Comment:
Is asked by Zemex to approve of a corporate restructuring to allow merger of both firms
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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