The directors of Audrey Resources (TSE) have recommended that minority shareholders accept Cambior’s (TSE) offer to buy the 25% portion of shares that Cambior does not already own.
Cambior is offering $1.40 cash per share, or one share of Cambior for every 10.5 of Audrey.
An independent accounting evaluation of Audrey’s shares concluded that a fair market value for Audrey shares was between $1.15 and $1.32. An opinion by investment firm Wood Gundy agreed that the offer was fair. Independent directors on the board concurred with the outside opinions.
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