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UPDATE: Northgate Minerals Hits 4 Yr Highs as Agrees To Be Bought By AuRico Gold, Walks Frolm Primero Deal

Canadian gold miner Northgate Minerals (NGX.TO) has added a third in value and hit four year highs after agreeing to be bought by AuRico Gold (AUQ.TO) for $1.46 billion. In so doing, Northgate walked away from another deal that would have seen it buy Primero Mining (P.TO). AuRico's offer of 0.365 shares per Northgate share, valued each Northgate share at $5.01, a premium of more than 60% to Friday's close.

AuRico is down more than 10% at around $11.80. Primero is also down more than 10% at around $3.60.

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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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