Vancouver – Taseko Mines (TKO-T, TGB-X) has given up the high ground in the battle to acquire bcMetals (C-V, BMTLF-O), after a $1.70-per-share bid on Friday afternoon from rival Imperial Metals(III-T) beat out Taseko’s new, Friday morning offer of $1.60.
As a result, Taseko is suspending its sweetened bid and reverting to its previous $1.40-per-share offer.
BcMetals management has advised its shareholders to tender to Imperial’s offer.
These latest moves come after Imperial raised a previous bid to $1.50 cash per bcMetals share, putting it ahead of Taseko’s earlier $1.40-per-share offer.
BcMetals shares rose 18 to close at an all-time high of $1.75 on February 2. Shares traded at 60 cents as recently as September.
Taseko is a member of the Hunter Dickinson group of mining companies. All three of the principals involved in the bidding are based in Vancouver.
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