“We are perplexed at what appears to be the deeply discounted valuation of the proposed takeover of O3 Mining and a pricing level which may deliver no material advantage to Agnico Eagle,” Adrian Courtenay, fund manager and managing director at London-based GreenAsh Partners, said in a statement Friday.
O3 and its future partner appear to be unimpressed by GreenAsh’s criticism.
Agnico and O3 “remain firmly committed to the all-cash offer of C$1.67 per share,” Alex Rodriguez, O3’s vice president of corporate development, told The Northern Miner Friday by e-mail.
‘Premium value’
The premium offered by Agnico exceeds “historical precedents for similar transactions,” he said. “Additionally, the offer value is consistent with historical benchmarks for junior development companies, underscoring the fairness and premium value of the offer.”
Junior development companies such as O3…
