Inmet Mining rejects 2nd First Quantum US$4.89 billion takeover bid

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Inmet Mining has adopted a poison pill or shareholder rights plan in the wake of a second unsolicited takeover bid from copper rival First Quantum Minerals. As Inmet Mining announced Wednesday that it had turned down a C$4.86 billion (US$4.89 billion) unsolicited 50/50 cash-and-stock bid by First Quantum Minerals, Inmet also revealed its board of directors had approved the adoption of a shareholder rights plan the company claimed “is not intended to prevent takeover bids.”