By Adriano Marchese
SilverCrest Metals shares jumped Friday morning after agreeing to be acquired by Coeur Mining in a $1.7 billion deal.
Shares traded in 5.3% higher in Toronto at 13.26 Canadian dollars, the equivalent of $9.78.
The two companies said on Friday that, through a subsidiary, Coeur will offer 1.6022 of its shares for each SilverCrest common share, implying a consideration of $11.34 apiece.
The offer represents a premium of 18% over the 20-day volume-weighted average prices of both companies as at Thursday's closing levels, and a 22% premium to SilverCrest's closing price on that day on the NYSE American.
Once the transaction is complete, SilverCrest shareholders will own about 37% of the combined company, and Coeur shareholders will hold the other 63%.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 04, 2024 09:45 ET (13:45 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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