| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Y > Headlines for Yamana Gold Inc. > News item |
Yamana says Canadian commission halts Meridian Gold shareholders rights plan; offer extended
By Lisa Kerner
Charlotte, N.C., Sept. 5 - The Ontario Securities Commission ruled that the Meridian Gold Inc. shareholder rights plan cease trading at 9 a.m. ET on Sept. 11 at Yamana Gold Inc.'s request, Yamana announced on Wednesday.
As a result, Yamana extended its offer to acquire Meridian Gold's outstanding shares to Sept. 11 at 8 p.m. ET, from Sept. 7. A total of 3,928,368 Meridian Gold common shares were tendered as of Sept. 4.
Yamana is offering Meridian Gold shareholders C$4.00 in cash and 2.235 Yamana shares per Meridian Gold share.
"The removal of the final obstacle to our offer provides increased certainty and accommodation for Meridian shareholders to fully consider the offer and tender to it," Yamana chairman and chief executive officer Peter Marrone said in a company news release.
"We are confident that we will succeed in our bid for Meridian and urge any shareholders who may not have yet tendered their shares to do so today."
It was previously reported that Northern Orion Resources Inc. shareholders voted in favor of the company's acquisition by Yamana through a plan of arrangement. The plan is contingent upon Yamana's receipt of at least 66 2/3% of the shares of Meridian Gold.
On July 20, Meridian Gold'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 Gold.
Meridian Gold 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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.