PAAS Pan American Silver Corporation

By Ian Walker

Gold Fields Ltd. said Monday that it won't be changing the terms of its $6.7 billion all-stock takeover for Yamana Gold Inc.

On Friday Agnico Eagle Mines Ltd. and Pan American Silver Corp. made an offer to buy Yamana Gold in a cash and stock deal.

"The board continues to believe that the Gold Fields transaction remains strategically and financially superior to the joint offer," Gold Fields said Monday, adding that it won't offer to change the terms of the transaction.

On May 31 Gold Field agreed to buy Yamana Gold in a deal that gave Yamana Gold shareholders 39% of the enlarged group. Under that deal, accepting Yamana Gold shareholders would get 0.6 of a Gold Fields share for each share held.

On Friday Pan American and Agnico offered to buy each Yamana share for around $1.04 in cash, 0.1598 of a Pan American share and 0.0376 of an Agnico Eagle share in a deal valued at $5.02 a Yamana share.

"As previously advised, Gold Fields will continue to work toward completion of the transaction on its current terms for the benefit of the shareholders of both companies in accordance with the arrangement agreement," Gold Fields said Monday.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

November 07, 2022 07:42 ET (12:42 GMT)

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