The renewed offer provides for $2.5bn in cash payment and remaining 50% in shares, representing represents a premium of 65% to underlying net cash of adjusted equity value of Inmet as on 23 November 2012.
The proposed bid, however, excludes C$1.9bn ($1.93bn) net cash on Inmet’s balance sheet.
Commenting on the takeover proposal First Quantum CEO and chairman Philip Pascall said that the company is looking forward to collaborating with Inmet and exploit the strategic and financial merits of the transaction.
"We believe strongly in the prospects of a combination for our two companies, which are uniquely complementary.
"We would welcome the opportunity to discuss with the Board of Inmet our vision for the future of the enlarged group," concluded Pascall.
