Quadra FNX Mining Ltd. (TSE:QUX.TO) shares were downgraded to "Sector Underperformer" from "Sector Performer" by CIBC World Markets Inc. to reflect the nominal implied return to price target.
The brokerage lowered its price target on the company's shares to C$15 from C$23, in line with the offer price from KGHM.
Quadra FNX shareholders have approved the previously announced takeover bid by KGHM Polska Miedz S.A. under which KGHM has agreed to acquire Quadra FNX for C$15/share in cash for a total consideration of about C$3.5 billion.
Quadra FNX now expects the deal to close by early March 2012 pending the receipt of the requisite approval under the Investment Canada Act.
"Given QUX shareholder approval and the short timeline to the closing of the arrangement, we now expect KGHM will be successful with its C$15/share bid and the window of opportunity for competing offers from other bidders has closed," CIBC wrote in a note.
The stock is currently trading at C$14.96, up 0.13% on Wednesday.