Inspiration Resources (TSE) has accepted Minorco’s recent $100-million offer to purchase from Inspiration all of the shares of Hudson Bay Mining & Smelting (TSE). If the deal goes through, it will enable Hudson Bay to undertake a construction program designed to instill a 25% reduction in sulphur dioxide emissions at its Flin Flon smelting operations in Manitoba by Jan. 1, 1994.
However, under an agreement with Luxembourg-based Minorco and its U.S. subsidiary, Inspiration is permitted until July 31 to solicit other offers for HudBay exceeding Minorco’s price by $5 million.
Inspiration Resources, held 56% by Minorco, says it is actively seeking other offers.
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