Vancouver-based Tahoe Resources aims to buy Lake Shore Gold

VANCOUVER -- Tahoe Resources Inc. has a friendly deal to buy Lake Shore Gold Corp. and its two mines in Northern Ontario in return for stock in the Vancouver-based mining company (TSX:THO).

See Full Article

The proposed combination -- which values Lake Shore at about $945 million -- would add the Timmins West and Bell Creek mines in Timmins, Ont., to Tahoe's holdings, which include mines in Guatemala and Peru.

Lake Shore shareholders are being offered 0.1467 of a Tahoe common share (TSX:THO) for each of their shares (TSX:LSG).

Based on Friday closing prices, the offer is worth $1.71 per Lake Shore common share -- a 14.8 per cent premium to the closing price of Lake Shore common shares on Friday.

Lake Shore will give Tahoe a right to match any superior proposal and each company has agreed to pay the other a termination fee under certain circumstances if the deal isn't completed.

The boards of the two companies are unanimously recommending the combination, which requires approval by two-thirds of the votes cast at a special meeting of Lake Shore shareholders.



Advertisements

Latest Economic News

  • Samsung, surmounting legal woes, logs record profit on chips

    Economic CTV News
    SEOUL, Korea, Republic Of -- After a tumultuous year when its chief was jailed and its fire-prone smartphones were recalled and then discontinued, Samsung Electronics has reported record high quarterly earnings thanks to booming demand for memory chips. Source
  • Suncor posts higher net earnings despite oilsands production shortfall

    Economic CTV News
    CALGARY -- Suncor (TSX:SU) is reporting higher net earnings in the second quarter despite lower than expected oilsands production due to maintenance down time at its northern Alberta projects. The company says it had net earnings of $435 million or 26 cents per share in the three months ended June 30, compared with a net loss of $735 million or 46 cents per share in the same period last year, during which a wildfire near Fort McMurray, Alta. Source
  • West Fraser Timber Co. to buy U.S. lumber business for US$430 million

    Economic CTV News
    VANCOUVER - Canadian forestry company West Fraser Timber Co. says it has agreed to buy a U.S. lumber business for about US$430 million. B.C.-based West Fraser says it will acquire the operations of the Gilman Companies from the Howard Gilman Foundation and other shareholders. Source
  • Barrick Gold to talk with Tanzania about US$190-billion tax bill

    Economic CTV News
    TORONTO -- Barrick Gold Corp. (TSX:ABX) said in its quarterly results that it will start discussions with the Tanzania government next week on a precious-metal export ban and other issues impacting its majority-owned Acacia Mining company. Source
  • Facebook's ads just keep creeping into new apps

    Economic CTV News
    NEW YORK -- Scrolling through an ad-free Instagram is now a distant memory, much like the once ad-free Facebook itself. Soon, users of its Messenger app will begin to see advertisements, too -- and WhatsApp may not be too far behind. Source
  • Sears Canada shuts down Facebook comments amid flood of angry messages

    Economic CBC News
    After getting flooded with angry comments about its treatment of laid-off workers, and by calls for a boycott, Sears Canada is no longer allowing public posts on its Facebook site. It appears the retailer has also removed all comments made after July 6, though some earlier, negative posts still linger on the site. Source
  • Whole Foods sales struggle shows Amazon buying a fixer-upper

    Economic CTV News
    AUSTIN, Texas -- Amazon is set to have a fixer-upper on its hands, with Whole Foods reporting that a key sales figure declined again. The grocery chain said Wednesday that sales fell 1.9 per cent at established locations for the three months that ended July 2. Source
  • Facebook profit, revenue smash estimates as mobile ad sales soar

    Economic CBC News
    Facebook Inc. crushed quarterly profit and revenue estimates on Wednesday as the social media giant's push into video ads helped bolster its fast-growing mobile ad business. The company's shares were up 1.4 per cent at $168 US after the bell. Source
  • B.C.'s LNG outlook dims after $36B Pacific NorthWest LNG project scrapped

    Economic CTV News
    VANCOUVER - Experts say dreams of a booming liquefied natural gas industry in British Columbia appear to be evaporating, at least for the foreseeable future, after Petronas and its partners scrapped a $36-billion megaproject in the province. Source
  • Via Rail seeks to limit scope of wheelchair and mobility aid policy

    Economic CTV News
    TORONTO -- Via Rail is trying to limit the scope of a policy to make its trains more accessible to travellers using wheelchairs and mobility aids. The national rail provider had revised its policy in May in compliance with an order from the Canadian Transportation Agency, which directed Via to double the number of mobility devices that could be tied down on trains from one to two. Source