VANCOUVER – Minera Milpo SAA is bidding to acquire Inca Pacific Resources Inc. (TSXV:IPR) for 61 cents per share in cash under a $ 35-million friendly takeover agreement announced Tuesday.
Inca Pacific shares gained 26 cents or 79 per cent to trade at 59 cents after trading resumed, suggesting investors didn’t expect a higher offer to come forward. The shares had been halted on Aug. 31 at 33 cents.
The Vancouver-based company has a focus on copper and molybdenum in Peru while Milpo is a diversified Peruvian mining company listed on the Lima Stock Exchange. It operates four mines in Peru and one in neighbouring Chile.
In addition to about 56.6 million Inca Pacific common shares outstanding, there are about 1.4 million options that will be entitled to 61 cents each minus the exercise price.
Local news from metronews.ca/vancouver
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