Canadian Mining Journal

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MERGER: Quadra FNX agrees to takeover by Polish copper miner

VANCOUVER - Quadra FNX, operator of six copper mines in Canada, Chile and the United States, has agreed to be bought out by KGHM Polska Miedz of Poland. KGHM has made an all-cash $15 per share for all outstanding shares and warrants of Quadra....


VANCOUVER – Quadra FNX, operator of six copper mines in Canada, Chile and the United States, has agreed to be bought out by KGHM Polska Miedz of Poland. KGHM has made an all-cash $15 per share for all outstanding shares and warrants of Quadra. The total transaction value is approximately $3.5 billion.

Under the arrangement, shareholders of Quadra FNX will receive $15.00 in cash for each common share, representing a premium of approximately 41.3% to the 20 day volume weighted average price of Quadra FNX’s common shares on the TSX as of Dec. 5, 2011. In addition, holders of the 2007 warrants will receive $5.76 in cash for each 2007 warrant, and holders of the 2009 warrants will receive $1.68 in cash for each 2009 warrant. KGHM said that it intends to finance the acquisition using existing cash on hand.

Closure of the offer is dependent on shareholder and regulatory approvals. Please see either www.KGHM.pl or www.QuadraFNX.com.


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