October 8, 1999 |
Mexican conglomerate Grupo Mexico raised its bid for copper company Asarco Inc. to $1.17 billion in cash Thursday, topping a day-old friendly $1.13-billion cash-and-stock pact between Asarco and Phelps Dodge Corp. The Mexico City-based company said it would pay $29.50 for each of Asarco's 39.8 million outstanding shares. The Phelps Dodge pact values Asarco at $28.43 a share based on Thursday's closing price for Phelps Dodge stock.
July 16, 1999 |
Cyprus Amax Minerals Co. and Asarco Inc. said they agreed to merge in a $2.2-billion deal that would create the world's largest publicly traded copper producer and the world's second-largest copper company, behind Chile's government-owned Codelco. The combined company, to be known as Asarco Cyprus Inc., would have about $8 billion in assets and 15,000 employees, and produce about 2 billion pounds of copper a year.
August 26, 1999 |
Cyprus Amax Minerals Co. and Asarco Inc. said Wednesday that they will consider an unsolicited takeover bid from Phelps Dodge Corp. to form the world's biggest copper producer--if their suitor boosts its all-stock proposal by 29% to $3.32 billion. Cyprus and Asarco, which had already agreed to merge, Friday rejected a $2.57-billion Phelps Dodge bid. On Wednesday, they asked Phelps Dodge to increase the amount of stock it would pay to 0.53 share for each Asarco share, valued at $30.54, and 0.
October 7, 1999 |
Asarco Inc. accepted a sweetened buyout offer from Phelps Dodge Corp., setting up a three-way, $2.9-billion deal that would make Phelps Dodge the world's largest copper producer. Cyprus Amax Minerals Co. accepted an offer from Phelps last week, breaking away from a plan to merge with New York-based Asarco. Asarco and Englewood, Colo.-based Cyprus originally rejected what began as a hostile, stock-only takeover bid for the two companies by Phoenix-based Phelps Dodge.
October 6, 1999 |
Asarco Inc.'s board unanimously recommended that shareholders reject competing takeover offers from Phelps Dodge Corp. and Grupo Mexico, challenging suitors for the copper producer to raise their bids. Asarco's directors authorized management to begin seeking better offers. The offer from Phelps, the largest U.S. copper company, is valued at $1.98 billion in cash, stock and assumed debt based on its closing price of $54.38 on Monday. Grupo Mexico, that country's No.
September 23, 1999 |
Phelps Dodge Corp. Wednesday raised its hostile bid for merging rivals Asarco Inc. and Cyprus Amax Minerals Co. to $2.83 billion in cash and stock, up from a previous all-stock offer of $2.63 billion. The development brought a new twist to the month-old takeover battle, coming just eight days before shareholders of Cyprus and Asarco are scheduled to vote on their planned $1.5-billion merger that was announced in July.