Market Chatter: Alamos Drops Bid To Buy Aurizon Mines

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"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 ( HL )," 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 its offer.

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 break-up fee."



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This article appears in: Investing , Commodities

Referenced Stocks: HL

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