Agnico-Eagle acquires 77% of Riddarhyttan shares in offer, increasing ownership to 91%; Further extends bid to October 21, 2005
12 October 2005 - 11:30PM
PR Newswire (US)
Stock Symbols: AEM (NYSE) AGE (TSX) TORONTO, Oct. 12
/PRNewswire-FirstCall/ -- Agnico-Eagle Mines Limited
("Agnico-Eagle") announced today that, to date, 81,425,363 shares
of Riddarhyttan Resources AB (publ) ("Riddarhyttan") have been
tendered to its offer to acquire all the outstanding shares of
Riddarhyttan not owned by Agnico-Eagle, representing 77% of the
outstanding shares and voting rights of Riddarhyttan. Together with
the 14,763,669 shares already owned by Agnico-Eagle, representing
14.0% of the outstanding shares and voting rights of Riddarhyttan,
Agnico-Eagle now owns an aggregate of 96,189,032 shares, or
approximately 91% of the outstanding shares and voting rights of
Riddarhyttan. All conditions for the completion of the offer have
been satisfied and settlement of shares tendered to date is
expected to occur on, or about, October 18, 2005. To enable those
shareholders who have not yet tendered to participate in the offer,
the offer has been further extended to 4:00 p.m. CET (10:00 a.m.
EDT) on October 21, 2005. Riddarhyttan shares tendered during the
new extension period are expected to settle on, or about, October
28, 2005. Agnico-Eagle previously announced a recommended exchange
offer of 0.1137 shares of Agnico-Eagle for each outstanding share
of Riddarhyttan not currently owned by Agnico-Eagle. The Board of
Directors of Riddarhyttan unanimously recommended that Riddarhyttan
shareholders accept this offer. Based upon the $14.47 closing price
of Agnico-Eagle on the New York Stock Exchange and exchange rates
on October 11, 2005, the offer is worth SEK 12.81 per Riddarhyttan
share. On May 11, 2005, the last trading day before the
announcement of the offer, the closing price per Riddarhyttan share
on the Stockholm Stock Exchange was SEK 8.05. Riddarhyttan
shareholders who have questions about the offer should contact
Enskilda Securities, Nybrokajen 5, 103 36 Stockholm, Sweden, +46 8
52 22 95 00 or SEB, Issues & Part-ownership Programmes,
Rissneleden 110, 106 40 Stockholm, Sweden, +46 8 639 2750. U.S.
Information Agnico-Eagle has filed with the SEC a registration
statement on Form F-4 containing an offer document regarding the
offer. This press release does not constitute an offer to purchase
or sell or a solicitation of an offer to sell or purchase shares of
Riddarhyttan or Agnico-Eagle to any person in the United States of
America, its possessions and other areas subject to its
jurisdiction or to, or for the account or benefit of a U.S. person
(as defined in Regulation S under the United States Securities Act
of 1933, as amended). The offer will be made to those persons
solely under the offer document that is part of the registration
statement. Investors and stockholders are advised to read the offer
document and other documents relating to the offer carefully
because they include important information regarding the offer.
Investors and stockholders may obtain a free copy of the offer
document and certain other documents relating to the offer from the
SEC's website at http://www.sec.gov/. Free copies of these
documents can also be obtained by directing a request to
Agnico-Eagle. YOU SHOULD READ THE OFFER DOCUMENT AND OTHER
DOCUMENTS RELATING TO THE OFFER CAREFULLY BEFORE MAKING A DECISION
CONCERNING THE OFFER. UK Information This press release has been
approved solely for the purposes of Section 21 of the Financial
Services and Markets Act 2000 by Citigroup Global Markets Limited
of Citigroup Centre, 33 Canada Square, Canary Wharf, London E14
5LB. Citigroup Global Markets Limited is acting for Agnico-Eagle
and no one else in connection with the Offer and will not be
responsible to any other person for providing the protections
afforded to clients of Citigroup Global Markets Limited or for
providing advice in relation to the Offer. Forward-Looking
Statements Certain statements contained in this news release
constitute "forward- looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995. In
this news release, the words "anticipate", "expect", "estimate",
"forecast", "plan" and similar words and expressions are intended
to identify forward-looking statements. Such statements, including
statements relating to the timing, completion and settlement of the
offer, reflect Agnico-Eagle's views at this time with respect to
future events and are subject to certain risks, uncertainties and
assumptions. Many factors could cause the actual results to be
materially different from those expressed or implied by such
forward-looking statements, including, among others, those
discussed under the heading "Risk Factors" in the offer document
filed as part of the Registration Statement on Form F-4 and in
Agnico-Eagle's Annual Information Form and Annual Report on Form
20-F for the year ended December 31, 2004. Agnico-Eagle does not
intend, and does not assume any obligation, to update these
forward-looking statements. About Agnico-Eagle Agnico-Eagle is a
long-established Canadian gold producer with operations located in
northwestern Quebec and exploration and development activities in
Canada, the United States and Mexico. Agnico-Eagle's LaRonde Mine
in Quebec is Canada's largest gold deposit. The Company has full
exposure to higher gold prices consistent with its policy of no
forward gold sales. It has paid a cash dividend for 25 consecutive
years. DATASOURCE: Agnico-Eagle Mines Limited CONTACT: David Smith,
Director, Investor Relations, (416) 947-1212
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