{"id":10034,"date":"2009-03-05T00:00:00","date_gmt":"2009-03-05T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"hedge-fund-slams-hudbays-slip-shod-merger-process","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/03\/2009\/hedge-fund-slams-hudbays-slip-shod-merger-process.html","title":{"rendered":"Hedge fund slams HudBays slip-shod merger process"},"content":{"rendered":"<p>Globe and Mail &#8211; HudBay Minerals Inc. chief executive officer Allen Palmiere tried to amend the terms of a controversial merger agreement with Lundin Mining Corp. after shareholders slammed the proposed transaction, according to court documents released by a hedge fund trying to oust Mr. Palmiere and the HudBay board.<\/p>\n<p>Monaco-based SRM Global Master Fund LP, which owns 11 per cent of HudBay&#8217;s stock, said HudBay&#8217;s board of directors is &ldquo;incapable of creating value and serving the best interest of shareholders,&rdquo; in a filing with securities regulators Wednesday. The SRM circular calls HudBay&#8217;s ill-fated attempt to merge with Lundin a &ldquo;slip-shod process&rdquo; that included management-dominated negotiations and &ldquo;neglect&rdquo; by the HudBay board. It also includes an excerpt from a text message sent by Mr. Palmiere to Lundin&#8217;s CEO, Phil Wright, on Nov. 26, just five days after the deal to combine HudBay&#8217;s Manitoba zinc and copper operations with Lundin&#8217;s mines in Europe and Africa was announced.<\/p>\n<p><a target=\"_self\" href=\"http:\/\/www.theglobeandmail.com\/servlet\/story\/RTGAM.20090304.whudbay0305_done\/BNStory\/energy\/?dbk\">Read Complete Article<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Globe and Mail &#8211; HudBay Minerals Inc. chief executive officer Allen Palmiere tried to amend the terms of a controversial merger agreement with Lundin Mining Corp. after shareholders slammed the proposed transaction, according to court documents released by a hedge [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[8592,346,5390,8590,5821,8596,8591,6957,8589,8588,8597,2688,8595,8598,45,6008,5661,8593,8594],"class_list":["post-10034","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-best-interest","tag-board-of-directors","tag-chief-executive-officer","tag-controversial-merger","tag-court-documents","tag-excerpt-from","tag-global-master","tag-globe-and-mail","tag-hudbay-minerals-inc","tag-lundin-mining-corp","tag-manitoba","tag-merger-agreement","tag-neglect","tag-negotiations","tag-regulators","tag-s-board","tag-shareholders","tag-text-message","tag-zinc"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/10034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=10034"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/10034\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=10034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=10034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=10034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}