Augusta Resource Corp., the target of a C$322 million ($291 million) hostile offer from HudBay Minerals Inc., said nine other companies are reviewing its data as the miner seeks a higher bid.
The nine companies include “significant industry players,” Augusta said in a statement today. They will begin visiting Augusta’s Rosemont copper project in Arizona next week.
Augusta rejected HudBay’s all-stock offer made Feb. 9 as too low and opportunistically timed. Vancouver-based Augusta has said it’s close to receiving the permits needed to complete the development of Rosemont, after which its shares will rise.
Canada’s HudBay says Augusta is being too optimistic about how long it will take to obtain the permits and that HudBay is better placed to move the project forward.
HudBay’s offer was valued at C$2.63 a share yesterday in Toronto, 21 percent less than Augusta’s closing price of C$3.34, indicating investors anticipate a higher bid.