The directors of Goldex Mines (TSE) are recommending shareholders vote in favor of amalgamating with parent company Agnico-Eagle Mines at a meeting to be held Dec. 7.
Agnico (along with other related parties) owns 7.5 million or 56% of the 13 million outstanding common shares.
Under the proposed amalgamation, Goldex shareholders would be entitled to 0.36 common shares of Agnico in exchange for one common share of Goldex. On Oct. 15, the last trading day prior to the announcement, Goldex shares closed at $5.25 and Agnico closed at $18.25.
In accordance with Ontario Security Commission rules, independent director Glenn Kean sought financial advice from Maison Placements Canada regarding the valuation of the transaction. Maison Placements recommended the offer be accepted.
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