It added that the company’s board now unanimously recommends shareholders to reject the Gold Fields takeover at a vote scheduled for Nov. 21.
The initial all-stock offer by Gold Fields valued the target at $5bn (C$6.8bn), but a decline of Gold Fields’ share price driven by investor disappointment at the deal and weaker gold prices brought the deal value down to about $4.2bn as of Thursday’s close.
Agnico and Pan American unveiled the rival stock and cash deal on Friday, which contemplates splitting Yamana’s assets in Latin America and Canada between them.
Yamana’s website still has a banner on the landing page announcing the Gold Fields’ deal. The Canadian miner noted that while Gold Fields waived its right-to-match under its agreement, it has not terminated the deal and Yamana is not yet legally permitted to do so.
Once their agreement is officially over, Yamana will have to pay a $300 million break fee to Gold…
