February 6, 2012 / 1:07 PM / 6 years ago

UPDATE 1-ISS recommends shareholders back Quadra-KGHM deal

TORONTO, Feb 6 (Reuters) - Quadra FNX Mining said on Monday proxy advisory firm Institutional Shareholder Services (ISS) has recommended that Quadra shareholders vote in favor of Polish miner KGHM’s C$3 billion offer for the Canadian miner.

ISS advised its clients to vote in favor of KGHM’s bid for Vancouver, British Columbia-based Quadra, given that “there have been no alternate offers and there are no governance concerns.”

“We are pleased that ISS has confirmed our view that shareholders should support the transaction with KGHM,” said Quadra Chief Executive Paul Blythe in a statement.

For the KGHM bid to succeed, it requires two-thirds of the votes cast by Quadra shareholders at the special shareholder meeting scheduled for Feb. 20 in Vancouver. (Reporting By Euan Rocha, editing by Dave Zimmerman)

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