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News Breaks | | | | October 15, 2012 | | 08:15 EDT |  | IEMMF | Petaquilla Minerals Board recommends holders reject Inmet's hostile offer
Petaquilla Minerals announced that its board of directors, after careful consideration with the assistance of its independent financial and legal advisors, voted unanimously to reject the hostile offer by Inmet Mining to acquire all of the outstanding common shares of Petaquilla at a price of 0.0109 Inmet shares and $0.001 in cash; or a cash amount that is greater than $0.001 but not more than $0.48, and, if such elected cash amount is less than $0.48, that number of Inmet shares equal to the excess of $0.48 over the elected cash amount, divided by $43.945, per Petaquilla share. Petaquilla's board of directors unanimously recommends that Petaquilla shareholders REJECT Inmet's hostile offer and NOT TENDER their common shares, and that any Petaquilla shareholders who have previously tendered their shares into Inmet's offer WITHDRAW them immediately. | |
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