(Reuters) - Canadian miner Petaquilla Minerals Ltd PTQ.TO said it has not received a formal takeover offer from Inmet Mining Corp IMN.TO and urged its shareholders not to take any action.
Shares of the company jumped 60 percent after base metals miner Inmet said on Wednesday it intends to make a C$112 million ($112.95 million) offer to acquire Petaquilla as it looks to expand its footprint in Panama.
Petaquilla said it is evaluating the announcement by Inmet.
Shares of the company were trading up 21 Canadian cents to touch a high of 56 Canadian cents in early trade on the Toronto Stock Exchange.
Reporting by Maneesha Tiwari in Bangalore; Editing by Saumyadeb Chakrabarty