Referenced Stocks

Market Chatter: Alamos Drops Bid To Buy Aurizon Mines

By MT Newswires,  March 20, 2013, 09:14:19 AM EDT

"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."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: HL



Latest News Video

Private Wealth Revives, Managers Face Higher Costs
Private Wealth Revives, Managers Fa...
Private Island on the Thames: $11.7 Million
Private Island on the Thames: $11.7...
Take Control Of Your Wealth
Take Control Of Your Wealth         
How to Avoid Getting Caught Pre-Defection
How to Avoid Getting Caught Pre-Def...


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.




Most Active by Volume:

Company Last Sale Change Net / %
S $ 7.145 0.18  2.39%
PFE $ 29.5685 0.17  0.57%
MU $ 13.835 0.09  0.62%
BAC $ 13.255 0.02  0.11%
SIRI $ 3.455 0.06  1.62%
NWSAV $ 15.72 unch
BBRY $ 14.1499 0.69  4.65%
NVDA $ 15.0704 0.67  4.66%