Aurizon Mines (AZK) Says 'Reject Alamos Gold Bid!'

January 23, 2013 7:12 AM EST
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Aurizon Mines Ltd. (AMEX: AZK) has unanimously recommended that shareholders reject the hostile take-over bid received from Alamos Gold.

George Brack, Chair of the Special Committee of the Aurizon Board of Directors said, "This is a financially inadequate and opportunistic offer, timed to take advantage of a transition year for Aurizon that we believe will be the foundation of long-term value creation for our shareholders. It fails to compensate Aurizon shareholders for the true value of our assets. We also believe there is increased geopolitical and development risk associated with Alamos shares."

Mr. Brack added, "The Board and Special Committee are focused on exploring the full range of value-maximizing alternatives for the Company. These include building on existing initiatives and engaging in discussions with third parties regarding potential alternative transactions that create superior shareholder value."

The Board's recommendation is based in part on the recommendation of the Special Committee and the advice from financial advisors to Aurizon and the Special Committee and follows a thorough review process, undertaken in consultation with its financial and legal advisors.

For a few reasons to reject the bid, click here.

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