Pan American Silver Corp. (PAAS,PAA.TO) and Aquiline Resources Inc. (AQI.TO) announced that they have signed a support agreement by which Pan American will make a formal take-over bid to acquire all of the issued and outstanding shares of Aquiline. Pan American also proposes to make formal take-over bids for each outstanding series of Aquiline warrants and the Aquiline convertible debenture. The transaction value implied by all of the offers is approximately $626 million.
The Share Offer will be made on the basis of 0.2495 of a Pan American common share, plus 0.1 of a Pan American common share purchase warrant for each Aquiline common share. Each of these warrants will entitle the holder to acquire one Pan American common share at a price of $35.00 per Pan American common share for a period of five years after the date on which Pan American first pays for Aquiline common shares tendered to the Share Offer.
Pan American expects to launch the formal take-over bids as soon as practicable. The transaction is subject to stock exchange approvals, the receipt of certain confirmations under Argentinean anti-trust laws, and other customary closing conditions. Pan American shareholders will not be required to vote on the transaction.
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