Summary
Southern Copper Corporation (SCCO) announced through its indirect parent, Grupo Mexico, S.A.B. de C.V., that its subsidiary Americas Mining Corporation (AMC) has withdrawn its non-binding indication of interest for an all-stock business combination with SCCO. This indication of interest was initially submitted on July 22, 2010. The withdrawal, effective immediately as of October 28, 2011, comes after recent discussions with SCCO's Board of Directors' Special Committee and other developments. This announcement effectively ends the proposed transaction, removing a potential significant corporate restructuring event for SCCO's public stockholders.
Key Highlights
- 1Americas Mining Corporation (AMC), a subsidiary of Grupo Mexico, has withdrawn its non-binding indication of interest to acquire Southern Copper Corporation (SCCO).
- 2The proposed transaction was an all-stock business combination, where public SCCO stockholders would have received AMC shares.
- 3The initial indication of interest was made on July 22, 2010.
- 4The withdrawal is effective immediately as of October 28, 2011.
- 5The decision to withdraw was based on recent discussions with SCCO's Board of Directors' Special Committee and other developments.
- 6This withdrawal signifies the termination of the potential business combination.
- 7The filing was made on November 1, 2011, reporting an event date of October 28, 2011.