Reuters reports that Grupo Mexico's lawyer says that with the value of Asarco dropping, the company's offer to buy the company including paying off creditors 100% is now "off the table."
Copper prices are down about 60% from their highs and Asarco reported a loss of $10.7 million in October. Grupo Mexico is waiting to see what kind of revised deal Asarco might reach with the other bidder, Sterlite, before considering making a new offer.