First Quantum Minerals isn’t giving up on its pursuit of Inmet Mining, which last month spurned a $4.9-billion offer. Today First Quantum sweetened the bid to $5.1 billion, or $72 a share – half in cash and half in stock. Here are the details, from Peter Koven of the Financial Post.
Inmet’s largest shareholders are Leucadia National Corporation with 15.9% of outstanding shares and Temasek Holdings, which owns 11.2% of outstanding shares, according to INK Research.
Leucadia is a NYSE-listed holding company with holdings in mining, health care, telecommunications, banking and real estate. A Leucadia subsidiary is one of the largest backers of Pershing Square Capital Management, Bill Ackman’s hedge fund that successfully won control of CP Rail earlier this year.
Temasek Holdings is an investment company owned by the government of Singapore.