Minefinders Rallies 25% at Opening Bell; To Be Acquired by Pan American Silver for $1.5 Billion or $15.60 Per Share; PAAS Down 8%

By MidnightTrader.com Staff,

Shutterstock photo

Minefinders ( MFN ) is up 25% as the regular session opened after the company announced that it has been acquired by Pan American Silver ( PAAS ).

Under the agreement, MNF shareholders can receive 0.55 PAAS shares and $1.84 in cash; or 0.6235 PAAS shares; or $15.60 in cash, subject to pro-ration under total aggregate cash and share pools of $176 million and 53 million PAAS shares, respectively, on a fully-diluted basis, in exchange for each MNF share.

Once transaction is complete, Minefinders shareholders will own about 33% of Pan American on a fully-diluted basis.

PAAS is down 8% as the markets opened, extending its pre-market losses of about 3%.

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

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This article appears in: Investing Commodities
Referenced Stocks: MFN , PAAS

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