Endeavour Mining (EDVMF) announced the acquisition of SEMAFO (SEMFF) for C$1 billion ($690 million) paid in shares. Shareholders of SEMAFO will receive 0.1422 shares of Endeavour for 1 share of SEMAFO. After the transaction is completed, SEMAFO's shareholders will own 30% and Endeavour's shareholders will own 70% of the combined company. At Endeavour's current share price of $14.84, the transaction values SEMAFO at $2.11 per share. At first glance, it looks like a nice 54% premium to SEMAFO's Friday closing price of $1.37. However, according to Endeavour, the offer represents a