Business
Inco Files Formal Response to Amended Teck Offer
Inco Files Formal Response to Amended Teck Offer.
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\n\n\n\n\nTORONTO, Aug. 7 /CNW/ - Inco Limited (TSX, NYSE: N) announced that it\nwill be filing today its formal response to the amended offer by Teck Cominco\nLimited (TSX: TCK.A; TCK.B; NYSE: TCK) (the \"Amended Teck Offer\") to purchase\nall of the outstanding shares of Inco with securities regulatory authorities\nin Canada and the United States. A Notice of Change to Directors' Circular\nwill be filed with Canadian securities regulatory authorities and an amendment\nto Solicitation/Recommendation Statement on Schedule 14D-9 will be filed with\nthe United States Securities and Exchange Commission (the \"SEC\"). The Notice\nof Change to Directors' Circular will be mailed to Inco shareholders\ncommencing tomorrow.\nInco's Board of Directors carefully reviewed and considered the Amended\nTeck Offer, in consultation with its financial and legal advisors and in the\ncontext of its legal obligations under its existing Combination Agreement with\nPhelps Dodge Corporation (NYSE: PD). Based on this review, the Board\ndetermined that the Amended Teck Offer is not a \"superior proposal\" for\npurposes of the Combination Agreement. Accordingly, the Board has unanimously\nrecommended that Inco shareholders reject the Amended Teck Offer and vote in\nfavour of the proposed combination between Inco and Phelps Dodge.\nThe Board has also determined, however, based on information then\navailable and after consultation with its advisors, that the Amended Teck\nOffer could reasonably be expected to result in a \"superior proposal\" for\npurposes of the Combination Agreement. This determination allows Inco to\nengage in discussions and negotiations with Teck pursuant to the terms of the\nCombination Agreement and, accordingly, the Board has authorized Inco's senior\nmanagement and its advisors to engage in such discussions and negotiations.\nInco Shareholders are urged to read the Notice of Change to Directors'\nCircular and Solicitation/Recommendation Statement on Schedule 14D-9 and any\namendments thereto because they contain important information. Investors can\nobtain a free copy of these documents and any amendments when they become\navailable on Inco's corporate website at www.inco.com, the Canadian securities\nregulators website at www.sedar.com, or the SEC's website at www.sec.gov.\nInco expects to apply to the Ontario Superior Court of Ju...