Surprise, surprise, First Quantum increases Adastra bid

FIRST Quantum Minerals has lifted its hostile bid for Adastra Minerals by 19% but the increased offer has reportedly failed to impress 15% shareholder M&G Recovery Fund, which says it will not be accepting it.

First Quantum is now offering either C$2.65 ($A3.17) for every Adastra share, or one First Quantum share for every 14.76 Adastra shares. This values Adastra at $225.