The company’s board of directors rejected the bid calling it an "undervalued" and asked its shareholders to reject any offers from Inmet and withdraw any previously tendered shares.
Petaquilla Executive chairman Richard Fifer noted that after careful consideration, Inmet’s bid was found to offer a reduced value for Petaquilla shares and provides "no assurance to the company’s shareholders".
"In particular, the Inmet offer does not adequately reflect Petaquilla’s current value or the value of Petaquilla’s substantial growth prospects, nor does it take into account the true value of Petaquilla to Inmet and its shareholders," Fifer said.
A directors’ circular, filed with the Canadian and US securities regulatory authorities, comprises all reasons for the rejection and is being circulated to the shareholders in Petaquilla.
