Hudbay Minerals falls after buyout deal for Copper Mountain

Copper Mountain Mining

13/04/2023 13:42

** U.S.-listed shares of Canadian miner Hudbay Minerals Inc  HBM.N ,  HBM.TO  fall 3.6%
premarket to $5
    ** HBM says it will buy peer Copper Mountain Mining Corp  CMMC.TO  in a $439 mln all-share
deal to boost its copper portfolio
    ** Combined company would create the third largest copper producer in Canada and the deal
could unlock $30 mln per year in operating efficiencies and corporate synergies - HBM
    ** CMMC shareholders will receive 0.381 of a HBM common share for each CMMC common share
held
    ** Deal values CMMC at C$2.67/shr, which represents a 18% premium to its last close
    ** Upon closing, expected in Q2 or in early Q3 of 2023, existing HBM and CMMC shareholders
will own about 76% and 24% of HBM, respectively
    ** Up to Wednesday's close, stock had risen 2.4% YTD

 (Reporting by Arshreet Singh in Bengaluru)
 ((Arshreet.Singh@thomsonreuters.com))