Yamana signs deal with Pan American and Agnico Eagle after Gold Fields stands pat

By The Canadian Press on November 8, 2022.

TORONTO – Yamana Gold Inc. has signed a deal to be acquired by Pan American Silver Corp. and Agnico Eagle Mines Ltd. after Gold Fields Ltd. waived its right to match the rival bid for the gold miner.

The company ruled last week that the offer by Pan American and Agnico Eagle was a “superior proposal” to the agreement it signed earlier this year to be bought by Gold Fields.

Yamana says while Gold Fields waived its right-to-match under its agreement, it has not terminated the deal and Yamana is not yet legally permitted to do so.

The Yamana board says it now unanimously recommends shareholders vote against the Gold Fields offer at the meeting scheduled for Nov. 21.

In standing by its original offer of 0.6 of a Gold Fields share or Gold Fields American depositary share for each Yamana share, Gold Fields said Monday it believed its offer was strategically and financially superior.

Under the Pan American-Agnico Eagle proposal, shareholders will receive US$1.04 in cash, 0.1598 of a Pan American share and 0.0376 of an Agnico Eagle share for each Yamana share they hold.

This report by The Canadian Press was first published Nov. 8, 2022.

Companies in this story: (TSX:YRI, TSX:AEM, TSX:PAAS)

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