Agnico Eagle successfully takes over 94.1% of O3 mining shares
Agnico Eagle Mines announced that it has acquired 110,424,431 common shares of O3 Mines.
The acquisition is part of a takeover bid sponsored by Agnico Eagle’s board for $1.67 in cash per common share.
The total consideration for the outstanding shares is approximately $184.4m, which will be completed by Agnico Eagle on 28 January 2025.
All conditions of the discount were satisfied or waived, allowing for this successful purchase, which it was. It was announced last year in December.
Taking into account the successful acquisition of depositary shares, the board of directors of O3 Mining has been reconstituted with the representatives of Agnico Eagle.
O3 Mining President and CEO José Vizquera said, “We are pleased to deliver this favorable and timely result to our shareholders who tendered their common shares for the offer.
While providing our shareholders with the opportunity to realize immediate value at a high price, the transaction will bring the Marban Alliance project to its next stage of development with the financial strength, mining expertise and community commitment of Aniko Eagle, who has the experience to effectively grow the project.”
In response to the acquisition, Agnico Eagle has offered a ten-day commitment period until February 3, 2025 at 11:59 p.m. (EST).
This extension is intended to provide the remaining O3 Mining shareholders with an opportunity to tender their common shares and benefit from a cash price of $1.67 per common share.
After the Expiration Period, Agnico Eagle plans to complete a secondary transaction to purchase outstanding common shares not tendered in the Offer.
Edgehill Advisors is serving as financial advisor to Agnico Eagle, while Davis Ward Phillips & Weinberg is providing legal advice.
For O3 Mining, Maxit Capital is acting as financial advisor and Bennett Jones is acting as legal advisor.
In addition, Fort Capital is advising O3 Mining’s special committee of independent directors, with Cassels Brock & Blackwell providing legal counsel.
Laurel Hill Advisory Group is the custodian and information agent for the transaction.
“Agnico Eagle Successfully Takes 94.1% O3 Mining Shares” was originally created and published by Mining technologyA brand owned by GlobalData.
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