First Quantum structures its share and cash bid for Inmet to ensure no rollover treatment – but will eat any Panamanian tax

First Quantum is making an unsolicited offer to purchase all the shares of Inmet for approximately $2.5B in cash and 115M First Quantum shares.  However, the offer is structured so that those tendering only for First Quantum shares will not get rollover treatment (the offeror in fact is a First Quantum subsidiary which is acquiring shares from First Quantum, a B.C. company, and delivering them to tendering Inmet shareholders).

First Quantum will top up the consideration paid by it for any Panamanian withholding tax that is required to be remitted.

Neal Armstrong.  Summary of First Quantum Offer for Inmet under Unsolicited Bids.