Inmet drops poison pill as Quantum takeover deadline looms
* Inmet says shareholder rights plan no longer needed
* First Quantum's hostile $72/shr bid to expire on Feb 27
* Inmet may execute strategic alternatives before deadline
* Inmet shares drop 99 Canadian cents to C$69.48
TORONTO, Feb 19 (Reuters) - Inmet Mining Corp said on Tuesday it would waive its so-called poison pill takeover defense against a hostile offer by First Quantum Minerals Ltd and hinted it may execute strategic alternatives to the C$5.1 billion ($5.05 billion) bid.
Earlier this month, mining and metals firm First Quantum extended its C$72-a-share bid to Feb. 27, 2013 for rival Inmet. The offer, announced in mid-December, tops its earlier bids of C$62.50 and C$70 a share.
Toronto-based Inmet has rejected the move by its Vancouver-based competitor to combine forces to create one of the world's largest and fastest-growing copper producers.
Inmet, whose shares dropped 99 Canadian cents to C$69.48 on Tuesday morning, said the new deadline has given it enough time to fully review the offer and potentially execute strategic alternatives.
Inmet previously said it was in talks with a number of interested parties as an alternative to the First Quantum bid. The company did not name the third parties. Continued...