(Reuters) - Petaquilla Minerals Ltd PTQ.TO, a Canadian gold producer with operations in Panama, said on Monday its board voted unanimously to reject a C$109 million ($111.4 million) offer from Inmet Mining Corp IMN.TO, saying that it undervalued the company.
The board said Inmet’s offer to acquire all outstanding shares of Petaquilla for 48 Canadian cents a share did not reflect the target company’s growth prospects.
Inmet, which looks to expand its presence in Panama with the acquisition, made the offer last month and said the offer would be open until November 5.
Vancouver-based Petaquilla operates a surface gold processing plant at its Molejon Gold Project in south central Panama.
Toronto-based Inmet owns mining operations in Turkey, Spain and Finland. It has an 80 percent interest in a development property in Panama that is in construction. ($1 = 0.9787 Canadian dollars) (Reporting By S. John Tilak; Editing by Gerald E. McCormick)