Pan American to Acquire Minefinders for $1.5 Billion |
| New York Times - Jan 23, 2012 |
The Pan American Silver Corporation agreed on Monday to acquire the Minefinders Corporation, a Canadian silver and gold exploration company, for $1.5 billion.
Pan American, based in Vancouver, British Columbia, said it was offering shareholders of Minefinders a variety of share-and-cash options that valued the company at $15.60 a share, 36 percent above the company’s closing share price on Friday. The deal is expected to close by the end of March.
Pan American, which already operates seven silver mines in Latin America, wants to gain access to the Minefinders Dolores gold and silver mine in northern Mexico, the company said in a statement. The site has increased its silver production by almost 200 percent in the last year, Pan American said.
The value of precious metals like gold and silver has increased significantly in the last 12 months as investors have sought to safeguard their money from volatility in global financial markets.
Read Full Article from New York Times
- Posted: 2012-01-23 09:28:45
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