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The Gap Partnership

Equinox makes offer for Lundin

Equinox has announced a takeover bid for Lundin.

28 February 2011

Sales negotiations may soon take place between Equinox Minerals and Lundin Mining Corporation after the former announced it is making an offer for the latter.

Equinox revealed its takeover bid will be to the tune of C$4.8 billion (£3.03 billion) in cash and shares.

It proposes to take hold all of the outstanding common shares of Lundin for a combination of money and Equinox shares for a total consideration value of C$8.10 per Lundin share.

Equinox noted the move is part of its strategy to become the world's number one pure copper growth company.

President and chief executive officer at the business Craig Williams said he believes the offer is an attractive option for Lundin shareholders "to elect to receive cash or retain exposure to what we believe would be one of the strongest and lowest risk production and growth profiles in the copper sector today".

Equinox is dual listed in Canada and Australia on both the Australian Securities Exchange and the Toronto Stock Exchange. 

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