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Adastra Minerals drops poison pill proposal

Junior miner Adastra Minerals Inc. has dropped its shareholder rights plan but still opposes a hostile takeover bid from First Quantum Minerals Ltd. Shareholders had voted 88 per cent in favour of the so-called poison pill to foil any quick takeover. The bid is set to expire March 20. "The [shareholder rights] plan, which was overwhelmingly supported by shareholders, has therefore served its purpose and we believe that shareholders should now have their say," Adastra chairman Bernard Vavala said in a release. "We believe the majority of Adastra shareholders continue to find the offer unattractive and have previously given their support to the board in rejecting the offer." Adastra rejected the First Quantum bid on the grounds that it undervalues the miner's assets. AAA (TSX) fell 2 cents to $2.35. FM (TSX) rose 45 cents to $39.10. CP

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