Business
Agnico Eagle Mines and Pan American Silver Deliver Definitive Binding Offer to Acquire Yamana Gold
Puts assets in the hands of proven leaders with a track record of building value for stakeholders Transaction would create the leading precious metals
About this update from Agnico Eagle Mines Limited
[{"type":"text","content":" Puts assets in the hands of proven leaders with a track record of building value for stakeholders Transaction would create the leading precious metals producer in Latin America Consolidates 100% ownership of the Canadian Malartic mine, one of the world's largest gold mines Increased value per Yamana share with low transaction risk Yamana Board has determined the offer to be a Superior Proposal VANCOUVER, BC and TORONTO, Nov. 4, 2022 /CNW/ - Agnico Eagle Limited (TSX: AEM) (NYSE: AEM) (\"Agnico Eagle\") and Pan American Silver Corp. (TSX: PAAS) (Nasdaq: PAAS) (\"Pan American\") are pleased to announce that we have delivered a definitive binding offer (the \"Binding Offer\") to the board of directors of Yamana Gold Inc. (\"Yamana\") pursuant to which Pan American would acquire all of the issued and outstanding common shares of Yamana (the \"Yamana Shares\") and Yamana would sell certain subsidiaries and partnerships which hold Yamana's interests in its Canadian assets to Agnico Eagle, including the Canadian Malartic mine. The transaction shall be implemented by way of a plan of arrangement under the Canada Business Corporations Act (the \"Arrangement\"). The consideration consists of 153,539,579 common shares in the capital of Pan American (\"Pan American Shares\"); US$1.0 billion in cash contributed by Agnico Eagle; and 36,089,907 common shares in the capital of Agnico Eagle (\"Agnico Eagle Shares\"). Under the Binding Offer, each Yamana Share would be exchanged for approximately US$1.04 in cash, 0.1598 Pan American Shares and 0.0376 Agnico Eagle Shares, for an aggregate value of US$5.02 per Yamana Share based on the closing price of each Pan American Share and Agnico Eagle Share on November 3, 2022. The Binding Offer is not subject to any financing condition or additional due diligence. Pan American and Agnico Eagle have been informed that Yamana's Board of Directors, in consultation with Yamana's financial and legal advisors, have determined that the Binding Offer constitutes a \"Yamana Superior Proposal\" as defined in the arrangement agreement dated May 31, 2022 (the \"Gold Fields Agreement\") between Yamana and Gold Fields Limited (\"Gold Fields\") and that Yamana has notified Gold Fields of its intention to accept the Binding Offer, subject only to Gold Fields' \"right to match\" under the Gold Fields Agreement. The A...