HudBay extends hostile bid for Augusta Resources

|By:, SA News Editor

HudBay Minerals (HBM) extends its hostile takeover bid for Augusta Resources (AZC) and drops its condition that shareholders holding at least two-thirds of the stock tender to the offer.

AZC shareholders now have until 5 pm on April 2 to receive 0.315 of a HBM share for each of their shares.

HBM says the bid, which AZC has rejected as inadequate, represents a 62% premium to the 20-day volume weighted average prices of the two issues prior to the offer.