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Jan. 23, 2012, 8:39 a.m. EST

Minefinders agrees to Pan American Silver bid

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By Robert Daniel

PAAS

NEW YORK (MarketWatch) -- Minefinders Corp., the Vancouver owner of the Dolores gold-and-silver mine in Mexico, agreed to be acquired by Pan American Silver Corp. for about C$15.60 a share, the companies said Monday. Pan American, /zigman2/quotes/203902529/composite PAAS +6.77% also Vancouver, owns several silver mines in Latin America. Under the terms, Minefinders holders can choose one of three alternatives for each of their shares: 0.55 Pan American share plus C$1.84 cash; 0.6235 share; or C$15.60 cash, subject to pro-ration under certain limits. Assuming full pro-ration, Pan American will pay 0.55 share and C$1.84 cash for each Minefinders share. The C$15.60 deal price is 36% above the Friday close of Minefinders at C$11.50. At closing, Pan American holders would own two-thirds of the combined company and Minefinders holders one-third. The deal, which both companies' boards have approved, will create one of the world's largest silver miners, the companies said.

/zigman2/quotes/203902529/composite
US : U.S.: Nasdaq
$ 17.50
+1.11 +6.77%
Volume: 9.29M
Dec. 1, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
2.29%
Market Cap
$3.43 billion
Rev. per Employee
$111,697
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