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First Quantum struggling with Adastra bid

FIRST Quantum Minerals’ $C189 million ($A223 million) scrip bid for Adastra Minerals looks dead in the water, with Adastra shareholders holding more than 50% of the company’s stock reportedly unwilling to accept the price being offered.

Michael Quinn
First Quantum struggling with Adastra bid

According to Reuters, the list of major Adastra shareholders rejecting the bid include M&G Investment Management (which holds 14.8%), the company’s founder Jean-Raymond Boulle (7.7%) and Merrill Lynch...

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