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Augusta Resources accepts latest HudBay acquisition offer

  • Augusta Resources (AZC) +5.7% premarket after accepting a revised takeover offer from HudBay Minerals (HBM).
  • The revised offer is worth ~C$555M, or $3.56/share; HBM is offering 0.315 of its shares for each AZC share, the same as its initial hostile bid, but it is now adding 0.17 of a warrant for each AZC share to facilitate a friendly deal.
  • The deal gives HBM the Rosemont project in Arizona, one of the world’s most promising undeveloped copper deposits, with 7B lbs. of copper reserves and resources.
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