Agnico Eagle acquires majority stake in O3 Mining, extends offer deadline
Gold miner Agnico Eagle Mines has acquired 94.1% of the outstanding common shares in O3 Mining following the successful completion of its board-supported takeover bid, valued at C$1.67 a share. The total consideration for the 110.4-million common shares acquired amounts to C$184.4-million, with payment to shareholders expected by January 28.
All conditions of the offer have been satisfied or waived, enabling Agnico Eagle to move forward with its plans to consolidate ownership of O3 Mining's assets, including the Marban Alliance project in Québec.
To allow remaining shareholders an opportunity to tender their shares and receive the offer price, Agnico Eagle has extended the expiry time of the bid by a mandatory 10-day period, ending at 11:59 p.m. (EST) on February 3, 2025.
“We are pleased to achieve this excellent and timely outcome for our shareholders who tendered their common shares to the offer,” said O3 Mining president and CEO José Vizquerra. “While providing an opportunity for our shareholders to realise immediate value at a significant premium, the transaction will also enable the efficient advancement of the Marban Alliance project by Agnico Eagle, an experienced operator that has the financial strength, mining expertise, and community commitment to take the project to its next stage of development.”
The Marban Alliance project, which comprises a 125 km² land package in the Abitibi region, is expected to benefit from Agnico Eagle’s operational capabilities and financial resources as it advances towards development.
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