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First Quantum raises takeover bid for Adastra Minerals

Last Updated: Monday, March 20, 2006 | 4:14 PM ET

CBC News

Shares of Adastra Minerals Inc. rose by almost seven per cent to $2.62 on Monday after First Quantum Minerals Ltd. boosted its takeover offer for the company.

Vancouver-based First Quantum (TSX:FM) raised its offer for Adastra (TSX:AAA) to $2.65 per share from its original bid of $2.10.

First Quantum also lowered its minimum tender condition to 50.1 per cent from 66.7 per cent of Adastra's shares.

Adastra's common shareholders can elect to receive $2.65 in cash for each one of their common shares or one First Quantum common share for each 14.76 Adastra common shares.

"This is our full and final offer, which will not be increased," Philip Pascall, First Quantum's chairman and chief executive officer, said in a release.

First Quantum's offer is open until March 31.

If First Quantum wins Adastra, it plans to seek a listing on the London Stock Exchange.

Shares of First Quantum slipped 26 cents to end at $38.85 on the TSX.

Adastra, which is based in London, England, is currently developing several mineral assets in Central Africa.

First Quantum has mining operations in Zambia, Mauritania and Congo, also known as Congo-Kinshasa.

This story is now closed to commenting.

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