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Stock Market & Financial Investment News

News Breaks
February 13, 2013
06:06 EDTCDECoeur d’Alene Mines makes proposal to acquire Orko Silver for C$384M
Coeur d'Alene Mines confirmed that it has submitted a binding proposal to acquire all of the issued and outstanding common shares of Orko Silver in a transaction with a total value of approximately C$384M. Orko announced that its board has unanimously determined, after receiving the advice of its financial and legal advisors, that Coeur's Proposal constitutes a "Superior Proposal" pursuant to its arrangement agreement with First Majestic Silver Corporation. Orko has provided notice of such determination to First Majestic. Orko also announced that under the arrangement agreement, First Majestic now has five business days to offer to amend the terms of that agreement to match Coeur's Proposal, failing which Orko will terminate the arrangement agreement with First Majestic and enter into a definitive agreement with Coeur reflecting Coeur's Proposal. Based on the closing prices of the shares of each of Coeur, Orko and First Majestic as of February 12, Coeur's Proposal implies a value of C$2.70 per Orko share. Coeur's proposal has been approved by the Coeur board and no further corporate or shareholder approvals are required by Coeur to complete the transaction. Coeur's proposal is not conditional on any financing.
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