Grupo Mexico loses out on bid for Mexico Copper Mine - Invecture Group outbid them by 3 million dollars

By: Reuters

17th February 2009

http://www.miningweekly.com/article/frontera-copper-rejects-grupo-mexicos-takeover-bid-2009-02-17

"MEXICO CITY - Canadian miner Frontera Copper rejected a takeover bid from miner Grupo Mexico on Monday and said it favored a higher offer from Mexican investment firm Invecture Group.

Frontera's board of directors recommended shareholders accept Invecture's C$48-million ($38,8-million) offer over Grupo Mexico's C$42-million bid......"

"Frontera's main property is the Piedras Verdes mine in northern Mexico, which could produce 32 000 t of copper a year and has a mine life of over 11 years...."

"'It's pretty clear that if by the end of the day tomorrow Invecture has met their minimum tender requirement there wouldn't be much opportunity for Grupo Mexico to extend another offer," Prokop said.' "