Petaquilla Copper Ltd. Responds to Unsolicited Takeover Bid and Recommends to Sh
posted on Jul 28, 2008 06:11PM
Edit this title from the Fast Facts Section
Petaquilla Copper Ltd. Responds to Unsolicited Takeover Bid and Recommends to Shareholders-NO ACTION BE TAKEN
VANCOUVER, BRITISH COLUMBIA, Jul 28, 2008 (MARKET WIRE via COMTEX News Network) --
Petaquilla Copper Ltd. (the "Company") (TSX: PTC) has been advised that on July 28, 2008, Inmet Mining Corporation ("Inmet") formally commenced its unsolicited offer to purchase all of the outstanding common shares of the Company, further to its announcement on July 6, 2008, of its intention to make the offer.
To assist the Company's board of directors in fulfilling its fiduciary duties, a special committee of independent directors (the "Special Committee") has been formed. Genuity Capital Markets has been engaged by the Special Committee to provide independent financial advice regarding the Inmet bid and all of the Company's strategic alternatives. The Special Committee has retained Blake, Cassels & Graydon LLP as legal counsel and the Company has engaged the services of Kingsdale Shareholder Services Inc. to assist it in its communications with its shareholders.
The Inmet offer will remain open until September 3, 2008. Accordingly, the Company, with the assistance of its independent advisors, will carefully review and consider the adequacy of the Inmet offer and compare it to the Company's strategic alternatives. The Company's shareholders are urged NOT TO TAKE ANY ACTION in relation to the Inmet offer until the board has had the opportunity to fully evaluate the offer and all of its other strategic alternatives. The board of directors of the Company will make a formal recommendation to its shareholders regarding the Inmet offer on or before August 12, 2008.
In the meantime, for further information and/or questions please contact:
Kingsdale Shareholder Services Inc. 130 King Street, Suite 2950 Toronto, Ontario M5X 1E2 Toll Free: 1.866.581.0507
About Petaquilla Copper Ltd. - Petaquilla Copper Ltd. is a resource development company headquartered in Vancouver, Canada. Its shares are listed on the Toronto Stock Exchange under the symbol PTC. Petaquilla Copper Ltd. also owns 49% of the issued shares of Petaquilla Infrastructure Ltd., a company incorporated to manage and expedite the development of the power, port and related infrastructure in support of the Molejon Gold Mine of Petaquilla Minerals Ltd. and the future development of the Petaquilla Copper mine.
On behalf of the Board of Directors of PETAQUILLA COPPER LTD.
John Cook, President and Director
No stock exchange has approved or disapproved the information contained herein.
Contacts: Petaquilla Copper Ltd. John Cook President and Director (604) 694-0021 Kingsdale Shareholder Services Inc. 130 King Street, Suite 2950 Toronto, Ontario M5X 1E2 Toll Free: 1-866-581-0507
SOURCE: Petaquilla Copper Ltd.
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