(Vancouver) The board of Teck Resources has rejected a new and improved offer from Swiss miner Glencore.
The Vancouver company clarified on Thursday that the new version of the offer does not represent the best interests of shareholders.
Teck said its board and management team still intend to implement its plan announced in February to split the metals and coal businesses into two separate businesses, Teck Metals and Elk Valley Resources. .
Glencore revised its unsolicited offer for Teck earlier this week to include an $8.2 billion cash portion. The offer would see Teck shareholders get a 24% stake in a company formed from the metallurgical operations of the two miners, in addition to cash.
Teck called Glencore’s offer “opportunistic and unrealistic”.
Teck Chairman Sheila Murray argued that Teck’s plan “creates a significantly broader spectrum of opportunities to maximize Teck shareholder value. ยป
Company in this story: (TSX: TECK.B)
