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First Quantum ( moves for Inmet (

Did you see the PPS action in on Friday? Yeah me too, so what shall we call this one, a "soft hostile bid"? Whatever the label, it's not one that's come out of the blue. Here's the link to the whole thing to peruse at thy leisure, here are the highlights (according to at least) and the CEO blahblah top paragraph:

  • Inmet Shareholders to receive consideration of C$72.00(1) per Inmet share, with the opportunity to elect First Quantum shares, cash, or a combination thereof, subject to an overall consideration mix of approximately 50% in First Quantum shares and 50% in cash; allowing the opportunity to realize immediate value and/or participate in substantial future growth of the combined company
  • Offer values Inmet at approximately C$5.1 billion(1) and represents a premium of 65% to Inmet''s underlying net cash adjusted equity value(2) as of 23 November 2012
  • Potential to create the world''s premier, widely-held base metals company, and one of the world''s five largest copper producers with a leading growth profile
  • First Quantum''s demonstrated project execution, reflecting its in-house engineering, project management and construction expertise, gives it the confidence that it can bring significant benefits to Inmet''s major project, Cobre Panama, for the benefit of all shareholders in the enlarged group
Commenting on the Offer, Philip Pascall, CEO and Chairman of First Quantum, said:
"We believe strongly in the prospects of a combination for our two companies, which are uniquely complementary. The enlarged group will draw on the best physical and human resources of both First Quantum and Inmet, to create a premier, widely-held base metals company with leading growth in copper production and cash flow generation. We know that this vision is shared by key shareholders of Inmet.
We invite the Board and management of Inmet to work with us in developing our plans for the future and in assisting in an assessment of whether additional benefits can be identified to the advantage of all shareholders."