Yamana recommends Agnico-Pan American bid
Yamana Gold (NYSE: AUY) announced today that the company has entered into an arrangement agreement with Agnico Eagle Mines and Pan American Silver for Yamana to be acquired.
Gold Fields, which launched its Yamana takeover in the spring, waived its five-day matching right. Yamana said it changed its recommendation and is now supporting the Agnico Eagle-Pan American deal rather than the Gold Fields deal. The vote on the new deal will be held by Yamana on Nov. 21.
Despite not matching the new deal, Gold Fields contends that its offer is superior.
Yamana hold a half interest in Canada's largest gold mine, Canadian Malartic.