Canadian Mining Journal

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BASE METAL MERGER – bcMetals, Imperial reach deal; Taseko ups offer

VANCOUVER - The year of the hotly contested merger is not over yet. On Dec. 22, BCMETALS and IMPERIAL METALS announ...


VANCOUVER – The year of the hotly contested merger is not over yet. On Dec. 22, BCMETALS and IMPERIAL METALS announced that they had reached an agreement clearing the way for one of Imperial’s subsidiaries to take over bcMetals. The deal involves an all-cash offer said to be nearly 70% over bcMetals’ closing price on Sept. 8, 2006.

No sooner had the bcMetals directors agreed to support the Imperial takeover and agreed to tender their holdings, than TASEKO MINES increased its takeover offer for bcMetals. Taseko CEO Russ Hallbauer said not only does his company’s offer match that of Imperial, but it has the advantage of closing sooner and putting money in the pockets of shareholders in early January.

The first offer for bcMetals was launched by Imperial in August 2006. Taseko entered the fray in November. Details of the contest may be read in the news releases at either www.ImperialMetals.com or www.TasekoMines.com.