Yamana: Northern Orion vote moves Meridian merger one step closer

By Lisa Kerner

Charlotte, N.C., Aug. 22 - Northern Orion shareholders voted in favor of the company's acquisition by Yamana Gold Inc. through a plan of arrangement.

Completion of the acquisition is conditional upon Yamana's receipt of at least 66 2/3% of the shares of Meridian Gold Inc. in an offer set to end on Sept. 7.

"With the Northern Orion vote now behind us, the acquisition of Meridian is one major step closer to being completed," Yamana chairman and chief executive officer Peter Marrone said in a company news release.

"Investors can now focus on the profile of the company that will be created upon completion of the Northern Orion and Meridian transactions. We remain convinced that the strategic fit and value of the combination between the companies is compelling and we look forward to a positive outcome on September 7."

On July 20, Meridian's board of directors said it would consider the unsolicited tender offer by Yamana to acquire the company. Yamana offered 2.235 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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