The Canadian PressFebruary 24, 2014 11:17
VANCOUVER - Augusta Resource Corp. (TSX:AZC) says shareholders and insiders with about one-third of the company's equity are rejecting an all-stock takeover offer from HudBay Resources Inc. (TSX:HBM).
The Vancouver-based mining company says HudBay's offer, which originally valued Augusta at roughly $540 million, doesn't recognize the value of the Rosemont copper project in Arizona.
"Rosemont is a high-quality, world-class asset. We will not let HudBay steal this asset with this low-ball bid," Augusta chief executive Gil Clausen told analysts Monday in a conference call.