Agnico-Eagle Mines (AEM) Commences Take-Over Bid for Grayd Resource
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Agnico-Eagle Mines Limited (NYSE: AEM) and Grayd Resource Corporation ("Grayd") (OTCQX: GYDRF) jointly announced that Agnico-Eagle has formally commenced its previously announced take-over bid (the "Offer") to acquire all of the outstanding common shares of Grayd at a price of $2.80 per share. The Offer represents a premium of 65.7% to the volume weighted average price of Grayd shares on the TSX Venture Exchange for the 20-day period ended September 16, 2011 (the last trading day prior to announcement of Agnico-Eagle's intention to make the Offer).
Pursuant to the Offer, Grayd shareholders will be entitled to receive, at their option, for each Grayd share they own, either $2.80 in cash or 0.04039 of an Agnico-Eagle share and $0.05 in cash, in each case subject to pro ration. The maximum amount of cash payable by Agnico-Eagle under the Offer will be equal to one-third of the total consideration (approximately $92 million).
Pursuant to the Offer, Grayd shareholders will be entitled to receive, at their option, for each Grayd share they own, either $2.80 in cash or 0.04039 of an Agnico-Eagle share and $0.05 in cash, in each case subject to pro ration. The maximum amount of cash payable by Agnico-Eagle under the Offer will be equal to one-third of the total consideration (approximately $92 million).
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