Hudbay and Augusta Resources have announced that Hudbay has taken up just over 116 million common shares of Augusta that were validly deposited under Hudbay’s offer to acquire all of the outstanding Augusta shares not already owned by Hudbay or its affiliates. The Augusta shares taken up under the offer together with those already owned by Hudbay represent 92 percent of the issued and outstanding Augusta shares.
Hudbay has extended the offer until July 29th to enable Augusta shareholders who have not yet tendered their shares to accept the offer. The Augusta board of directors has unanimously recommended that shareholders accept the offer.
It is anticipated that members of Hudbay’s current management team will assume management positions with Augusta and replace their current senior management team and certain members of the Augusta board of directors will be replaced by nominees of Hudbay.