Global Copper says shareholders vote 99.9 per cent in favour of Teck deal

By The Canadian Press

VANCOUVER - Global Copper Corp. (TSX: GLQ.TO) shareholders have voted overwhelmingly in favour of a takeover of the company by Teck Cominco Ltd. (TSX: TCK-B.TO), the company said Friday.

Global Copper said shareholders voted 99.9 per cent in favour of approving the arrangement that will see Teck Cominco pay $425 million for the company.

Teck will pay $12 in cash or 0.26667 of a Teck class B share for each Global share, subject to a limit on the cash portion. At full pro-ration, Global Copper stockholders would receive $3 in cash and 0.2 of a Teck share for each of their shares.

Under the deal, if Teck shares are worth less than $45 at closing it will pay extra cash or shares to make each Global share worth $12. If Teck shares are worth more than $55, the share count will be reduced to value Global stock at no more than $14.

Teck shares closed up $1.33 at $39.99 on the Toronto Stock Exchange on Friday, while Global Copper shares were up 18 cents at $13.03.