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Proxy firm ISS backs Equinox share issue for Lundin deal
EQUINOX Minerals said an independent proxy voting firm has backed a share issuance under the copper miner's proposed hostile takeover of base metals miner Lundin Mining Corporation.
Equinox today said International Shareholder Services Inc (ISS), a global corporate governance analysis firm and proxy adviser, had advised its clients to vote for a resolution to issue shares to Canada's Lundin as part of the $C4.8 billion ($4.81bn) offer.
The vote will be held at an Equinox shareholder meeting in Toronto on April 11.
Perth-based Equinox has offered Lundin shareholders the choice between $C8.10 cash per share or 1.2903 Equinox shares plus one Canadian cent for each Lundin share.
Lundin has rejected the offer in favour of a friendly merger with fellow Canadian company Inmet Mining Corporation, a copper and zinc miner.
ISS said Equinox shareholder approval for the share issuance was warranted "based on a review of the terms of the transaction, in particular, reasonable strategic rationale, apparently manageable risks and absence of governance concerns", according to Equinox.
Equinox president and chief executive Craig Williams said the company was pleased to receive the independent third-party recommendation from ISS.
Lundin and Inmet shareholders will vote on the merger plan on April 4.