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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (32211)	2/4/2009 8:09:13 PM
From: LoneClone	Read Replies (1) \| Respond to of 195744

UPDATE 1-Frontera agrees to back Southern Copper's C$42 mln bid Wed Feb 4, 2009 10:29am EST reuters.com Feb 4 (Reuters) - Frontera Copper Corp (FCC.TO) said it agreed to support Southern Copper Corp's (PCU.N) proposed C$42 million ($33.93 million) buyout offer, which was 10 percent above the unsolicited bid by privately held Invecture Group. Southern Copper's 65 Canadian cents a share cash offer represents a premium of 12 percent to Frontera closing price on Tuesday. The support agreement provides for a non-solicitation covenant from Frontera, the right for Frontera to terminate the agreement in favor of an unsolicited superior proposal, and a fee of C$2.1 million to be paid to Southern Copper in case of termination. Mexico's Invecture Group had offered to buy all outstanding shares of Frontera for 59 Canadian cents per share. Invecture's bid expires on Feb. 6. However, in December, Frontera's board had asked shareholders to reject the Invecture offer as it undervalued the company's assets. [ID:nBNG381550] Frontera shares, which have lost more than 70 percent of their value in the past six months, were trading up 7 Canadian cents at 65 Canadian cents on the Toronto Stock Exchange. ($1=1.238 Canadian Dollar) (Reporting by Krishna Chaithanya in Bangalore; Editing by Himani Sarkar)