Business
Pan American Silver: Leading Proxy Advisory Firms, ISS and Glass Lewis, Support the Proposed Arrangement with Yamana Gold and Agnico Eagle Mines
VANCOUVER, BC, Jan. 13, 2023 /CNW/ - Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) ("Pan American" or the "Company") is pleased to report that, in
About this update from Pan American Silver Corp.
[{"type":"text","content":" VANCOUVER, BC, Jan. 13, 2023 /CNW/ - Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) (\"Pan American\" or the \"Company\") is pleased to report that, in respect of the upcoming special meeting (the \"Meeting\") of shareholders of Pan American (\"Shareholders\"), Institutional Shareholder Services Inc. (\"ISS\") and Glass Lewis & Co., LLC (\"Glass Lewis\") have recommended that Shareholders vote in favour of the Share Issuance Resolution (as defined below) in connection with Pan American's proposed acquisition of all of the issued and outstanding common shares of Yamana Gold Inc. (\"Yamana\") following the sale by Yamana of its Canadian assets, including certain subsidiaries and partnerships which hold Yamana's interests in the Canadian Malartic mine, to Agnico Eagle Mines Limited (\"Agnico Eagle\"), by way of a plan of arrangement (the \"Arrangement\") under the Canada Business Corporations Act. ISS and Glass Lewis are two leading independent proxy advisory firms which make voting recommendations to their subscribers, including institutional investors. \"We are pleased to receive positive recommendations from ISS and Glass Lewis, which reaffirm our strategic rationale for the Arrangement and the resulting benefits to Shareholders,\" said Michael Steinmann, President and Chief Executive Officer of Pan American. For more information on the transaction, please see Pan American's website at https://www.panamericansilver.com/invest/arrangement-agreement-with-yamana/ Recommendation to Shareholders ISS noted in its report: \"There appears to be sound strategic rationale for the transaction which carries terms that are the result of a reasonable process, and ultimately joint offer, which should result in a more optimal combination of assets to enhance shareholder value. The deal is anticipated to be immediately accretive, has quantifiable synergy goals, and satisfies a longer term objective of delivering a material enhancement to the company's scale.\" Glass Lewis noted in its report: \" … we consider Pan American has presented investors with a sound case for support here. In particular, we are inclined to share the board's view that the deal secures additional, complementary and prospectively attractive Latin American assets.\" Pan American Special Meeting The Meeting is scheduled for 10:00 a.m. (Vancouver time) on Tues...