Rosemont Mine: HudBay makes nearly $500M bid for Augusta

2014-02-10T14:45:00Z 2014-02-10T15:31:10Z Rosemont Mine: HudBay makes nearly $500M bid for AugustaArizona Daily Star Arizona Daily Star
February 10, 2014 2:45 pm  • 

Toronto-based HudBay Minerals Inc. says it will make a bid worth nearly $500 million for all of the shares of Augusta Resource Corp., which is vying to build the Rosemont Mine in the Santa Rita Mountains southeast of Tucson.

HudBay, which already owns about 16 percent of Toronto-based Augusta, said Augusta shareholders would each get about a third of one HudBay share for each Augusta common share. The offer represents an 18 percent premium over Augusta’s closing price on Friday, for a total offer value of $540 million Canadian or about $490 million U.S., HudBay said.

Augusta said in a news release today that its board of directors will meet this week to discuss HudBay’s offer, and that the company will update its shareholders following that board meeting.

Augusta’s shares closed at $2.95, up nearly 30 percent from Friday’s close, in trading on the New York Stock Exchange.

Read more in tomorrow's Star

Copyright 2014 Arizona Daily Star. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Featured businesses

View more...

Deals, offers & events

View more...

Event Calendar

Today's events | Add an event

Most viewed: