- Yamana Inc (NYSE: AUY) received an unsolicited binding proposal from Agnico Eagle Mines Ltd (NYSE: AEM) and Pan American Silver Corp (NASDAQ: PAAS) to acquire the company in an almost $5 billion cash-and-stock deal.
- Total consideration consists of $1.0 billion in cash and the issuance of approximately 153.5 million Pan American shares and approximately 36.1 million Agnico shares.
- Under the terms of the offer, Yamana shareholders would receive $1.0406 in cash, 0.0376 of an Agnico Share, and 0.1598 of a Pan American Share for each share held.
- Gold Fields Limited (NYSE: GFI) had agreed to acquire Yamana Gold for $6.7 billion in May. The outstanding Yamana Shares will be exchanged for 0.6 of an ordinary share of Gold Fields.
- Yamana informed Gold Fields that the new offer constitutes a "superior proposal" and has five days in case it wants to amend its existing offer.
- A special meeting of Yamana shareholders to consider the Gold Fields Arrangement is scheduled for November 21.
- Price Action: AUY shares are up 17.6% at $4.80 on the last check Friday.
- Photo by Steve Bidmead from Pixabay
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