Business
Fresnillo plc intends to acqu
Fresnillo plc intends to acqu.
About this update from Fresnillo Plc
[{"type":"text","content":"\n RNS Number : 3358J Fresnillo PLC 01 December 2008 \n \n\nFresnillo Plc\n28 Grosvenor Street\nLondon W1K 4QR\nUnited Kingdom\nwww.fresnilloplc.com\n\n\nFresnillo plc intends to acquire MAG Silver\n\nDecember 1, 2008 - Toronto, London, Mexico City: Fresnillo plc, the world's largest primary silver producer, announces that Fresbal Investments Ltd. ('Fresbal'), a subsidiary of Fresnillo plc, today informed MAG Silver Corp. (TSX: MAG, AMEX: MVG) ('MAG Silver') that Fresbal intends to make a formal offer to MAG Silver shareholders for all of the outstanding common shares of MAG Silver not owned by Fresnillo plc. and its affiliates for US$4.54 per share in cash. Fresnillo plc. and its affiliates currently own approximately 19.8% of the outstanding common shares of MAG Silver.\n\nThe offer price represents a 12.38% premium to the 20 day volume weighted average trading price of MAG Silver shares on the American Stock Exchange for the period ending November 28, 2008. \n\nPursuant to applicable Canadian law, a formal independent valuation is required to be obtained by MAG Silver prior to mailing the offer to MAG Silver shareholders. Fresbal has requested in writing that MAG Silver retain a valuator to complete such valuation. Fresbal intends to mail its takeover bid circular to MAG Silver shareholders as soon as practicable upon receipt of the completed valuation. \n\nFresbal does not intend to amend the offer price based on future discussions with MAG Silver or based upon the results of the valuation.\n\n \nFresbal will have sufficient funds available and the closing of the offer will not be conditioned on obtaining financing. This will not preclude Fresbal from obtaining financing from third parties.\n\nThe offer will be subject to customary conditions, such as a minimum tender and the waiver of MAG's Shareholders Rights Plan. If the Offer is completed, Fresbal intends to acquire any remaining common shares not owned by it or its affiliates at the price per common share paid in the offer by means of the applicable statutory second step transaction. Details of the terms and conditions of the offer will be provided in Fresbal's ...