Gold Fields Won't Change Yamana Gold Takeover Terms
07 November 2022 - 11:57PM
Dow Jones News
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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