Agnico Eagle Commences Take-Over Bid for O3 Mining
Agnico Eagle Mines Limited has officially launched a board-supported take-over bid to acquire all issued and outstanding common shares of O3 Mining Inc. not already owned by Agnico Eagle. The offer is valued at $1.67 in cash per share, representing a significant premium for O3 Mining shareholders. Both companies announced the bid’s commencement alongside the distribution of take-over bid and directors’ circulars to O3 Mining shareholders.
The board of directors of O3 Mining has unanimously recommended that shareholders accept the offer, citing its compelling value and benefits. Key shareholders, including all directors and officers of O3 Mining, Gold Fields Limited (via a wholly-owned subsidiary), Extract Advisors LLC, and certain Franklin Templeton managed funds—representing approximately 39% of outstanding shares—have already agreed to tender their shares under lock-up agreements with Agnico Eagle.
Take-Over Bid Timeline
The offer is open until 11:59 p.m. EST on January 23, 2025. Shareholders who hold their shares through brokers or other intermediaries should contact their institutions immediately to ensure timely participation, as intermediary deadlines may precede the formal expiry time.
About O3 Mining Inc.
O3 Mining Inc. is a Québec-based gold explorer and mine developer. The company’s flagship Marban Alliance project, located near Agnico Eagle’s Canadian Malartic mine, has been significantly advanced over the past five years and is poised for further development. O3 Mining holds 128,680 hectares of highly prospective land in Québec, all owned outright.
About Agnico Eagle Mines Limited
Agnico Eagle, founded in 1957, is a Canadian-based senior gold producer and the world’s third-largest gold mining company. The company operates mines in Canada, Australia, Finland, and Mexico, with a pipeline of exploration and development projects in these jurisdictions and the United States. Known for its robust environmental, social, and governance practices, Agnico Eagle has declared a cash dividend every year since 1983, cementing its reputation as a stable and reliable industry leader.
For O3 Mining shareholders, this offer represents an opportunity to capitalize on the advanced state of the Marban Alliance project and align with Agnico Eagle’s proven track record of delivering value through operational excellence and strategic growth.
Tags: Quebec / Deals & Financial / Gold / All Articles