Business
Fresbal withdraws its offer f
Fresbal withdraws its offer f.
About this update from Fresnillo Plc
[{"type":"text","content":"\n RNS Number : 2403U Fresnillo PLC 22 June 2009 \n \n\n\n\n\n \n\n\nFresnillo Plc\n28 Grosvenor Street London W1K 4QR United Kingdom \nwww.fresnilloplc.com\n\n\n\n\n\n 22 June 2009\nFresbal withdraws its proposal to make an offer for the shares of MAG Silver Corp.\nLondon, Toronto, Mexico City: Fresnillo plc ('Fresnillo') announces today that its subsidiary Fresbal Investments Ltd. ('Fresbal') has issued an announcement regarding its previously announced intention to acquire the common shares of MAG Silver Corp (TSX: MAG, AMEX: MVG) ('MAG Silver'). The announcement follows below.\n----------------------------------------------------------------------------------------------------------------------------ߛ\n\n\nFRESBAL INVESTMENTS, LTD.\nCorporativo BAL, Cuarto Piso\nMoliere 222, Col. Los Morales-Polanco,\n11540, D.F., México\n\n\nFRESBAL INTENDED OFFER FOR MAG SILVER NO LONGER IN THE BEST INTERESTS OF FRESNILLO SHAREHOLDERS\n\nAfter more than six months since announcing, on December 1, 2008, its intention to make an offer for 100% of MAG Silver Corp.'s ('MAG') (TSX: MAG, AMEX: MVG) shares not owned by Fresnillo plc ('Fresnillo') or its affiliates, Fresnillo today has announced its decision to withdraw such intended offer (the 'Offer') to be made through Fresbal Investment Ltd ('Fresbal') as it is no longer in the best interests of Fresnillo shareholders.\n\nFresnillo's decision reflects the fact that even after this protracted period of time, it has not been possible to conclude the independent valuation of MAG required under applicable Canadian securities laws in order to permit the offer to proceed and it is not clear to Fresnillo when or if this will happen.\n\nThe supervision of the valuation process has been the responsibility of MAG's Independent Committee which, in its opinion, has not been satisfied with the level of information that Fresnillo has been willing and able to produce in order to conclude the valuation, beyond the information regarding the property&...