UPDATE 2-First Quantum may extend bid for Inmet by a few days

Tue Feb 26, 2013 2:02pm EST
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* First Quantum says some regulatory hurdles remain

* Inmet reiterates view, urges shareholders to reject bid

* First Quantum shares up 1.7 percent; Inmet edges lower

By Euan Rocha and Julie Gordon

TORONTO, Feb 26 (Reuters) - First Quantum Minerals Ltd may extend its hostile C$5.1 billion ($4.97 billion) bid for rival base metal miner Inmet Mining Corp by a few days, President Clive Newall said on Tuesday.

"There are a number of regulatory hurdles to go over, and we hope they'll all be done by tomorrow, but we may need to extend slightly," Newall said while addressing investors at the BMO Metals & Mining conference in Hollywood, Florida.

The cash-and-stock bid is set to expire on Wednesday at 5 p.m. EST (2200 GMT). It was worth C$5.1 billion, or C$72 a share, when it was announced in mid-December, topping First Quantum's two prior offers.

Last month, Inmet asked its shareholders to reject First Quantum's bid, calling it inadequate. The company said it was in talks with third parties for alternative deals.

Inmet said on Tuesday that the implied value of the bid had fallen to C$66.35 per share as of Monday's close.   Continued...