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On June 23, 2014, HudBay Minerals Inc. and Augusta Resource Corporation announced that they have entered into a definitive support agreement pursuant to which HudBay has agreed to increase the consideration that will be received by Augusta shareholders under HudBay’s offer to purchase all the issued and outstanding common shares of Augusta not already owned by HudBay. This transaction results from HudBay’s hostile exchange offer for Augusta, which was rejected by Augusta, and Augusta’s review of strategic alternatives. Cravath acted as U.S. counsel to Augusta in connection with this transaction.
Under the revised offer, in addition to 0.315 of a HudBay common share as provided in HudBay’s original offer, Augusta shareholders will also receive 0.17 of a warrant to acquire a common share of HudBay for each Augusta common share, representing consideration with a value of approximately C$3.56 per Augusta common share as of the date of announcement. The revised offer represents a total equity value of C$555 million as of the date of announcement.
The Cravath team includes partners Richard Hall and Andrew R. Thompson and associates Jordan S. Traister and Gregory D. Beaton on M&A matters.
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