TORONTO – The board of Augusta Resource Corp. unanimously recommends that its shareholders reject the unsolicited takeover offer from Hudbay Minerals. Earlier this month, Hudbay offered to acquire all the issued and outstanding common shares of Augusta in a deal worth $540 million.
Augusta’s chief asset is the development stage Rosemont copper-molybdenum-silver project in Arizona.
Augusta executive chairman Richar Warke called Hudbay’s offer “grossly inadequate”, “opportunistic” and “low ball”. He urged his shareholders again to reject the offer.
Details of Hudbay’s offer are available at HudbayMinerals.com.