Kinross extends Kinam offer

Kinross Gold (K-T) extended, to April 4, its offer for all of Kinam Gold’s $3.75 series B convertible preferred shares it does not already own.

Kinross’s original, $16-per-share cash tender offer expired March 28, by which date 652,992 preferred shares had been tendered.

The newly acquired shares give Kinross ownership of 86.9% of the issued and outstanding Kinam preferred shares. Alpine Fiduciary Services, the depositary for the tender offer, has dispersed the funds to shareholders.

Shareholders who tendered their shares to the extended offer will receive the same consideration as those who submitted their shares in accordance with the original offer.

Kinross already owns all of Kinam’s common shares.

Kinam is an outgrowth of Kinross’s 1998 merger with Amax Gold.