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Yamana Gold extends tender for Meridian Gold
By Lisa Kerner
Charlotte, N.C., Oct. 15 - Yamana Gold Inc. accepted for payment 79,873,250 common shares, or about 78%, of Meridian Gold Inc. in its tender offer ended Oct. 12.
While Yamana surpassed its minimum purchase requirement, the offer deadline has been extended to midnight on ET Nov. 2 to allow remaining Meridian shareholders time to tender to the offer, a company news release stated.
Yamana offered to acquire all of the outstanding common shares of Meridian for C$7.00 cash plus 2.235 Yamana common shares for each Meridian share in a deal valued at approximately C$559 million. The total number of shares to be issued by Yamana is estimated at 179 million.
In addition, all of the conditions under Yamana's agreement with Northern Orion have been satisfied or waived. The completed agreement gives Northern Orion shareholders 0.543 of a Yamana common share and C$0.001 in cash for each Northern Orion share.
Yamana said it will release full third-quarter financial results after the close of business on Nov. 7, while full third-quarter financial results for Meridian will be released after the close of business on Oct. 23.
It was previously reported on Sept. 24 that Yamana agreed to increase its purchase offer for Meridian to C$7.00 per share, from $6.50 per share, plus 2.235 Yamana common shares for each Meridian common share tendered, with the offer extended to Oct. 12 from Oct. 2.
Yamana's prior offers for Meridian had been C$6.50 and C$4.00 per share. On July 20, Meridian's board of directors said it would consider the original unsolicited tender offer by Yamana to acquire the company for 2.235 Yamana common shares plus C$3.15 in cash for each common share of Meridian.
Meridian is a mid-tier gold producer with mining operations in Chile and Nevada. The company is based in Reno, Nev.
Yamana is a Toronto-based precious metals mining company.
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