It came as a huge shock to the market early this month that London-headquartered junior miner Adastra Minerals Inc had finally succumbed to a hostile takeover bid by Vancouver-based First Quantum Minerals Ltd. Having attempted to defend his company with vehement presentations at the recent PDAC convention and Indaba conference, Adastra president and CEO Tim Read simply thanked the usual suspects in urging shareholders to accept the most recent offer. Adastra entered into a definitive support agreement with its suitor after First Quantum boosted its offer for the second time to a total of about 245 million Canada dollars in cash and stock. Under the original, roughly 189 million Canada dollars bid, each one of First Quantum's shares would be exchanged for 17.5 Adastra shares. Last month, First Quantum made a revised offer of one First Quantum share for every 14.76 Adastra shares.
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