Equinox extends $4.8B hostile Lundin bid

Company News

Equinox Minerals Ltd (ASX:EQN) says it plans to extend its $4.8 billion hostile bid for Canadian-listed Lundin Mining, and, will meet to consider yesterday’s takeover offer from Hong-Hong listed Minmetals Resources.

On Monday the dual-listed copper miner received a $6.3 billion takeover bid from Minmetals Resources, which is conditional on the termination of Equinox’s bid for Lundin.

Last week Lundin’s board recommended shareholders reject Equinox’s offer, claiming it undervalues the company and questioning if Equinox could finance the debt required to fund the bid.

Equinox today says it has postponed a special shareholder meeting until 26 April to consider the proposed acquisition of Lundin, and, the company expects to provide an update to the market within days over its stance on the offer from Minmetals.

Yesterday shares in Equinox advanced to the best performing stock in the S&P/ASX200, rising 28.72 per cent to close at $7.35.

In the 2010 financial year Equinox Minerals moved from a loss to a net profit of $265 million.

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