https://www.miningweekly.com

Agnico Eagle recommends rejection of below-market mini-tender

13th June 2022

By: Creamer Media Reporter

     

Font size: - +

Canadian gold mining company Agnico Eagle Mines has told shareholders to reject an unsolicited mini-tender offer made by TRC Capital Investment.

The mini-tender offer is to purchase up to two-million Agnico Eagle common shares, or about 0.44% of the company’s outstanding common stock, at a price of C$64 a share.

The offer, Agnico Eagle said in a statement on Friday, represented a discount of about 4.51% and 4.48% to the closing price of the company’s shares on the TSX and NYSE, respectively, on June 7 – the last trading day before the mini-tender offer was recommended.

The miner noted that mini-tender offers were designed to seek less than 5% of a company's outstanding shares, avoiding disclosure and procedural requirements applicable to most bids under Canadian and US securities regulations. Both the Canadian Securities Administrators and the US Securities and Exchange Commission have expressed concerns about mini-tender offers.

TCR Capital has made similar unsolicited mini-tender offers for shares of other public companies.

Shareholders who have tendered their shares can withdraw their shares before 12:01 am (Toronto time) on July 8.

Edited by Creamer Media Reporter

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION