Equinox calls Minmetals offer "lowball"

Equinox Minerals says Minmetals Resources $C7.00 per share takeover offer is "clearly opportunistic" and a "lowball price".

Equinox chief executive Craig Williams said the timing of the Minmetals announcement was designed to frustrate Equinox's $C4.8 billion offer for Canada's Lundin Mining Corporation.

"(Minmetals') announcement of its intention to offer C$7.00 per share represents a nominal premium of approximately 9 per cent to Equinox's 20-trading day volume weighted average share price on the Toronto Stock Exchange prior to its announcement of the Lundin Offer," Mr Williams said in a statement to the ASX.

"Such a low premium is a fraction of premiums paid in recent acquisitions of base metal mining companies."

Equinox chairman Peter Tomsett said the company had "excellent" assets and considered the lowball price announced by Minmetals significantly understated its value.

The Hong Kong-listed Minmetals announced on Monday that it intended to make a $C6.3 billion offer for Equinox.

Equinox launched its bid for Lundin Mining in March.

Its shareholders were due to vote on the Lundin takeover April 11, but Equinox pushed back that meeting to April 26, following the Minmetals bid.

At close of trade today Equinox shares had lost 0.5 per cent and traded at $7.40.