Silver mining company Pan American Silver Corp. (PAA.TO,PAAS) Tuesday said it now owns a majority 84.5% of the common shares of silver and gold exploration and development company Aquiline Resources Inc. (AQI.TO).
On October 14, 2009, Pan American and Aquiline jointly announced that they have signed a support deal by which Pan American will make a formal take-over bid to acquire all of the issued and outstanding shares of Aquiline. Simultaneously, Pan American also proposed to make formal take-over bids for each outstanding series of Aquiline warrants and Aquiline convertible debt. The transaction value implied by all of the offers was around C$626 million.
Pan American's information agent for this transaction Kingsdale Shareholder Services Inc. has advised Pan American today that about 67.22 million common shares of Aquiline have been deposited to Pan American's offer to acquire all of the issued and outstanding Aquiline shares, representing nearly 81.8% of Aquiline shares issued and outstanding as of December 7, 2009.
Further, Pan American said it has been advised by Kingsdale that none of Aquiline's February 2008 series and May 2008 series of common share purchase warrants, but 1.93 million of Aquiline's October 2008 series of common share purchase warrants, have been deposited to Pan American's offers to acquire each outstanding series of Aquiline warrants and convertible debt.
Vancouver, British Columbia-based Pan American said it has also been advised by Aquiline that all of Aquiline's November 2008 series of common share purchase warrants have been exercised for Aquiline shares.
Together with Aquiline shares and Aquiline common share purchase warrants owned by Pan American prior to making of the offers, Pan American, following the take up of Aquiline securities deposited to the offers to date, owns 72.29 million Aquiline shares, representing around 88.0% of Aquiline shares on a diluted basis.
The board of Toronto, Ontario-based Aquiline had unanimously determined earlier that the share offer is fair to Aquiline shareholders and unanimously recommends shareholders accept the share offer and deposit their Aquiline shares to the share offer.
Further, Pan American announced that it has extended the expiration date of its offers for remaining securities until December 22, 2009, so as to permit Aquiline securityholders who have not tendered their Aquiline securities an opportunity to do so.
Upon successful completion of the transaction, Aquiline shareholders will own approximately 19% of the enlarged Pan American.
Based on the closing price of Pan American common shares on the TSX on October 13, the last trading day prior to the offers announcement, the implied value of the share offer is $7.47 per Aquiline share, which represents a premium of about 36.6% over the closing price of Aquiline shares on the TSX on the same date, and a 62% premium to Aquiline's 10-day volume weighted average price.
In Monday's regular trading session, PAA.TO closed trading on the Toronto Stock Exchange at C$26.74 per share on a volume of 309,608 shares. In the past 52-week period, the shares have been trading in a range of C$14.04 to C$28.73.
PAAS closed Monday's trading at $25.39 per share on the Nasdaq. In the past 52-week period, the shares have been trading in a range of $11.08 to $27.31.
In Monday's regular trading session, AQI.TO closed trading at C$7.07 per share on a volume of 270,178 shares. In the past 52-week period, the shares have been trading in a range of C$1.05 to C$7.72.
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