"Canadian miner Alamos Gold Inc (AGI.TO) dropped its offer to
buy peer Aurizon Mines Ltd (ARZ.TO), putting an end to its bidding
war with Hecla Mining Co (
)," Reuters reported.
It reported: "Alamos said it would not extend its offer for
Aurizon shareholders to tender their shares after it failed to
overturn a break-up fee payable to rival bidder Hecla. The company
said it would not take up any Aurizon shares that were tendered to
It said: "A spokesperson for Alamos declined to comment on the
percentage of Aurizon's shares that were tendered."
It said: "Alamos, which is Aurizon's largest shareholder with a
16.11% stake, made an unsolicited C$780 million ($759.16 million)
offer in January. Hecla topped Alamos' bid with a friendly C$796
million offer on March 4.
It added: "If Alamos acquired more than a third of Aurizon's
shares, the company would have to pay Hecla C$27.2 million as a
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