Equinox sees no formal offer from Minmetals for "several weeks"

(Reuters) – Copper miner Equinox Minerals Ltd (EQN.AX: Quote, Profile, Research) (EQN.TO: Quote, Profile, Research) said it did not expect China’s Minmetals Resources (1208.HK: Quote, Profile, Research) to make its $6.5 billion takeover offer formal for the next several weeks.

Equinox, which extended its $4.8 billion bid for Lundin Mining (LUN.TO: Quote, Profile, Research) on Tuesday, said on Thursday Minmetals’ offer of C$7 per share undervalued the company.

Minmetals, China’s biggest metals trading firm, unveiled plans to launch its offer for Equinox on Monday, chasing the Toronto-based company’s copper assets in Zambia and Saudi Arabia.

“(Minmetals’) announcement and its timing is clearly opportunistic and seeks to frustrate Equinox’s offer for Lundin Mining,” Equinox Chief Executive Craig Williams said in a statement.

Equinox said it could only respond once it got a formal offer from Minmetals.

Shares of Equinox closed at C$7.50, and shares of Lundin closed at C$7.99 on Thursday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore)

Equinox sees no formal offer from Minmetals for "several weeks"