Shares of Calibre Mining (TSX: CXB) soared their highest price in 13 years after Equinox Gold (TSX: EQX) (NYSE American: EQX) sweetened its takeover offer right before shareholders were set to vote on the deal.
Under an amended agreement announced April 23, Equinox will now offer 0.35 of its common stock for each Calibre share, giving the transaction a total value of C$2.8 billion. The initial offer announced in late February was 0.31 Equinox share for one Calibre share.
Calibre’s shares closed Thursday’s trading session 7% higher at C$3.35 apiece — its highest since 2012. The Vancouver-based miner’s market capitalization stood at almost C$2.9 billion. Equinox Gold, also based in Vancouver, gained 2% at market close, for a market capitalization of C$4.3 billion.
Making of Canada’s no.2 gold miner
The improved offer came just hours before the companies’ scheduled shareholder meetings to…
