YRI:CC - Yamana Gold receives 'superior' buyout bid from Pan American Agnico Eagle
- Yamana Gold ( NYSE: AUY ) +18.7% in early trading Friday after receiving an unsolicited takeover offer from Pan American Silver ( NASDAQ: PAAS ) and Agnico Eagle Mines ( NYSE: AEM ) that values Yamana at a 23% premium .
- The bid consists of ~153.5M Pan American ( PAAS ) shares, $1B in cash from Agnico Eagle ( AEM ) and ~36M Agnico Eagle shares, which at Thursday's stock closing prices would be valued at a combined $4.82B.
- On a per-share basis, the bid represents 0.1598 of Pan American's ( PAAS ) stock price, 0.0376 Agnico Eagle's ( AEM ) stock price and $1.04 in cash, which at Thursday's closing prices would value Yamana shares at $5.02, or 23% above the stock's Thursday close of $4.08.
- Yamana's ( AUY ) board said the new buyout bid is a " superior proposal " to the company's previous agreement with Gold Fields Ltd. ( GFI ), which at Thursday's closing prices would value Yamana shares at $4.38 each.
- Gold Fields ( GFI ) +16.4% in early trading Friday, after declining more than 21% since the Yamana deal was announced May 31 .
For further details see:
Yamana Gold receives 'superior' buyout bid from Pan American, Agnico Eagle