Agnico Eagle Mines Aims to Head Off TRC Capital "Mini-Tender Offer".
MANews-(C)2009-2022
Canada-based miner Agnico Eagle Mines Ltd. (NYSE: AEM) (TSX: AEM) has been notified of an unsolicited mini-tender offer made by Canadian investment firm TRC Capital Investment Corp. to purchase up to 2m Agnico Eagle common shares, or approximately 0.44% of Agnico Eagle's outstanding common shares, at a price of CDN 64.00 per share, the company said.
The offer represents a discount of approximately 4.51% and 4.68% to the closing price of Agnico Eagle's shares on the Toronto Stock Exchange and the New York Stock Exchange, respectively, on June 7, 2022, the last trading day before the mini-tender offer was commenced.
Agnico Eagle said it does not endorse this unsolicited offer, has no association with TRC Capital or its offer, and recommends that shareholders do not tender their shares to the offer.
Agnico Eagle is cautioning shareholders that the mini-tender offer has been made at a price below the current market price for Agnico Eagle's shares.
In addition to being a below-market offer, the mini-tender offer is also subject to numerous conditions.
According to TRC Capital's offer documents, Agnico Eagle shareholders who have tendered their shares can withdraw their shares at any time before 12: 01 a.m. (Toronto time) on July 8, 2022 by following the procedures described in the offer documents.
TRC Capital has made similar unsolicited mini-tender offers for shares of other public companies, Agnico Eagle said.
Mini-tender offers are designed to seek less than 5% of a company's outstanding shares, avoiding disclosure and procedural requirements applicable to most bids under Canadian and US securities...
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