Alamos Gold makes $780 million takeover bid for Aurizon Mines
Canadian miner Alamos Gold (TSX:AGI) has offered $780 million, or $4.65 per share in cash and stock., for Vancouver-based Aurizon Mines Ltd. (TSE:ARZ) the Toronto-based firm announced Monday.
Alamos is after Aurizon’s only operating gold mine, Casa Berardi, in northern Quebec. The targeted company also owns other eight properties in Quebec, which include an advanced-stage gold development property of the Heva and Hosco West Extension areas.
The combined entity is expected to have an estimated market value of about $2.6 billion, Alamos said.
The takeover bid, which will be open for acceptance for at least 35 days following the mailing of the take-over bid circular, will be fully financed and will not require approval by its shareholders, the miner added.
Aurizon's shares were up almost 34% to $4.56 at 12:55 pm ET.