03:51 PM EST - Quadra Mining Ltd. : Announced that it and FNX Mining Company Inc. have entered into a definitive agreement to merge the two companies to create a new intermediate copper producer. The combined company would be named Quadra FNX Mining Ltd. As per the transaction terms, which is structured as a Plan of Arrangement, each FNX share would be exchanged for 0.87 Quadra shares, the company stated. Upon completion of the merger, existing Quadra and FNX shareholders would own around 52% and 48% of the combined company, respectively on a fully diluted basis. The company also added that the merged company is estimated to have 2011 revenues of $1.5 billion and EBITDA of about $765 million, based on consensus analyst estimates. Quadra Mining Ltd.
shares T.QUA are trading down $0.49 at $16.89.
