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Article: New York-Based Copper Company to Weigh Grupo Mexico Offer.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- October 10, 1999
- Author:
CopyrightCOPYRIGHT 1999 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Knight Ridder/Tribune Business News
Oct. 9 -- Reaching for a better offer than the one it accepted three days earlier, Asarco Inc. said Friday that it will meet with Grupo Mexico to discuss merging the two copper companies.
Neither company indicated where or when the meeting would take place.
Asarco said its board of directors determined that the New York-based company had a fiduciary duty to consider the higher offer.
Its merger agreement struck with Phelps Dodge Corp. on Tuesday allowed it to consider other, unsolicited offers, the company said.
Asarco recommended that stockholders not tender their shares to Phelps Dodge at ...