Inmet Mining to Waive Shareholder Rights Plan Effective Feb. 27

Inmet Mining Corp., which is trying to fend off a hostile takeover bid from First Quantum Minerals Ltd., said it will waive its shareholder rights plan.

The waiving of the plan will be effective Feb. 27, the same date as First Quantum’s offer expires, Toronto-based Inmet said today in a statement.

Inmet said it took the decision because the bid’s expiry date “provides sufficient time for the full review and potential execution of all strategic alternatives being evaluated by the Inmet board and its special committee.”