A Desert Sun Mining (DSM-T, DEZ-X) shareholders’ meeting has approved the plan to merge Desert Sun into Yamana Gold (YRI-T, AUY-X, YAU-L).
The positive vote means the takeover requires court approval — the subject of a hearing on April 4 — before becoming effective on April 5.
Under the merger deal Desert Sun shareholders receive six Yamana shares for every ten Desert Sun shares. Based on prices at presstime, it valued Desert Sun at $681 million.
Yamana shares were trading at $10.79 and Desert Sun shares at $6.45 after the vote.
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