AUY - Why Yamana Gold Stock Soared Today
Shares of Yamana Gold (NYSE: AUY) jumped 20% on Friday after the Canadian gold miner received a new buyout bid.
Agnico Eagle Mines (NYSE: AEM) and Pan American Silver (NASDAQ: PAAS) submitted a joint bid for Yamana that values the mining company at $4.8 billion, or $5.02 per share. The agreement would see Yamana sell its interest in the Canadian Malartic mine and other assets to Agnico Eagle. Pan American would then acquire all of Yamana's outstanding shares.
Under the terms of the deal, Yamana shareholders would receive roughly $1.04 in cash, 0.1598 of a Pan American share, and 0.0376 of an Agnico Eagle share for each share of Yamana they own.
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Why Yamana Gold Stock Soared Today