Inmet rejects $4.9 billion from First Quantum

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TORONTO (AP) — Inmet Mining Corp. is rejecting an unsolicited takeover offer worth $4.9 billion by First Quantum Minerals Ltd.

The miner says First Quantum offered 50 percent of the deal's value, or up to $2.46 billion, in cash and the other half in the Vancouver miner's shares.

Inmet said Wednesday its board of directors has determined the offer is not in the best interest of its shareholders.

The company also announced a shareholder rights plan, or so-called poison pill, a common tactic used to fend off hostile takeovers.

Inmet says the bid presented Sunday followed an earlier unsolicited proposal from First Quantum, which offered $62.50 per Inmet share.

First Quantum has operations in Zambia, Mauritania and Australia.

Inmet shares were up almost 19 percent on the Toronto Stock Exchange to $62.61.