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Inmet’s Cobre Panama copper mine site in Panama.
Inmet’s Cobre Panama copper mine site in Panama.
(Inmet Mining)

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Shareholder blessing for Inmet offer puts rival suitors on notice

Inmet Mining Corp.’s largest shareholder, Leucadia National Corp., said Thursday it intends to tender to the hostile $72 takeover offer by First Quantum Minerals, and the miner’s stock is trading a few cents below the offer price. That sends out two messages: First Quantum can stop bidding against itself after twice raising its original offer price. It also means that other potential suitors had better get moving, because the offer on the table is good enough for the holder of 16 per cent of Inmet stock.