Shares of PolyMet Mining more than doubled after the company said it received an offer from Glencore to be acquired for $2.11 a share.
PolyMet’s stock is up 148% at $1.96 in early trading. Shares are down more than 20% since the start of the year.
The St. Paul, Minn.-based mine developer said an independent special committee of the board is reviewing Glencore’s non-binding acquisition proposal.
No decisions have been made yet regarding the proposal and there is no assurance the deal will go through, PolyMet said.