P.M. BRIEFING : Falconbridge Backs $1.87-Billion Bid
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TORONTO — Nickel producer Falconbridge Ltd. said today that it is recommending its shareholders accept a $1.87-billion offer from Noranda Inc. and its Swedish ally but left the door open for an American suitor to sweeten its bid.
Falconbridge’s board of directors met late Thursday and endorsed the $31-per-share takeover offer from Noranda Inc., a big Canadian natural resources company, and Sweden’s Trelleborg AB, which together hold 31% of Falconbridge stock.
In recommending the Noranda offer, the Falconbridge board said it was withdrawing an earlier recommendation that shareholders accept a $30.90 per share takeover offer from AMAX Inc.
However, Falconbridge said its directors did not terminate the acquisition agreement with AMAX and said the New York-based company was free to increase its offer. If a better offer is made, the Falconbridge board will reconsider its recommendation.
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