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Yamana Buys Additional 13.3 Mln Shares Of Meridian Gold
(RTTNews) - Yamana Gold Inc. (AUY, YRI.TO, YAU.L), a Canada based metals mining company, Monday said it took up additional 13.3 million shares of Meridian Gold Inc. for payment, pursuant to the ordinary course extension of the offer. Yamana is currently holding around 90% of Meridian's stock. The company offered to buy Meridian shares for C$7.00 cash and 2.235 Yamana shares for each Meridian share.
Yamana said it expects to complete the purchase of Meridian in the ordinary course as per the same consideration as under the current offer, through a plan of arrangement that is expected to close by the end of the year. Following the transaction, Meridian will become a 100% owned subsidiary of Yamana.
Earlier, Yamana reported a definitive support agreement to raise its offer to purchase Meridian by C$0.50 per share to a total of C$7.00 per share in cash and 2.235 Yamana shares for each Meridian share.
Yamana has been planning to fund the cash portion of the consideration through its currently available debt facilities. Additionally, the company had agreed to name three of Meridian's current directors to Yamana's Board of Directors upon completion of the transaction.
AUY is trading at $14.70, down $0.28 or 1.87%, on 3.87 million shares.