Shareholders back miner Augusta's takeover defense

Fri May 2, 2014 3:33pm EDT
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May 2 (Reuters) - Augusta Resource Corp shareholders have voted to keep the company's shareholder rights plan in place, the miner said on Friday, a setback for HudBay Minerals Inc's hostile bid for the company.

Shareholder rights plans, often called poison pills, are designed to make hostile takeovers difficult. HudBay has asked securities regulators to cease trade the poison pill, which would render it ineffective despite the vote.

(Reporting by Allison Martell; Editing by Meredith Mazzilli)