Adopts shareholder rights plan that would allow current investors to buy additional shares at a ‘substantial’ discount in event of any potential takeover bid
First Quantum Minerals Ltd. is battening down the hatches in its latest move to defend itself against potential takeovers.
“The rights plan has been adopted with a view to ensure, to the extent possible, that all shareholders of the company are treated fairly in connection with any takeover bid,” First Quantum said in a statement. In the December interview, Newall said the company hadn’t received any takeover approaches since it last refuted “speculation” it had been in talks about a bid in September. But he also said measures had been put in place to defend against any such move by Jiangxi. Under a non-disclosure agreement, the Chinese company is restricted from buying more than 20 per cent of First Quantum’s shares, he said.
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