HBM - Hudbay surges as proxy advisors ISS Glass Lewis support Copper Mountain merger

2023-06-02 12:02:21 ET

Hudbay Minerals ( NYSE: HBM ) +6.7% in Friday's trading after proxy advisory firms Institutional Shareholder Services and Glass Lewis came out in support of its planned takeover of Copper Mountain Mining ( OTCPK:CPPMF ) and recommended shareholders vote in favor of the deal.

ISS said the takeover "makes strategic sense as it will result in a combined company with increased size, scale, and diversification of production, development, and exploration assets."

The proposed tie-up would see Copper Mountain ( OTCPK:CPPMF ) become a wholly-owned subsidiary of Hudbay ( HBM ), with Copper Mountain shareholders receiving 0.381 of a Hudbay share for each share held.

More on Hudbay Minerals:

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• Analysis: Hudbay Minerals: Things To Consider Before Jumping On The Bandwagon
• Stock price return: Down 6.5% YTD, down 22% in the past 12 months

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