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Petaquilla rejects Inmet offer for Panama assets

Tuesday, October 16, 2012

Petaquilla Minerals, a Canadian gold producer with operations in Panama, said its board unanimously rejected a $111 million takeover offer from Inmet Mining, saying it undervalued the company.

The board said Inmet's offer to acquire all outstanding shares of Petaquilla for 48 Canadian cents each did not reflect the target company's growth prospects.

The offer was a 37 percent premium to Petaquilla's closing share price on Sept. 5, when Inmet announced plans for a bid.

Source: Reuters