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

  • Uber to lose its licence to operate in London

    Economic CTV News
    London's transport authority said Friday it won't renew Uber's license to operate in the British capital, arguing that it demonstrates a lack of corporate responsibility with implications in public safety and security. Transport for London says the car-hailing app was not “fit and proper to hold a private hire operator license. Source
  • Mastermind Toys expanding even as Toys 'R' Us flounders

    Economic CTV News
    TORONTO -- Jon Levy's favourite playthings as a Toronto child growing up in the 1960s and 1970s included Lego blocks and fort-building kits -- classics that still fly off the shelves of his Mastermind Toy stores today. Source
  • 'You have to upsell them': Marketplace exposes how dealerships push maintenance you don't need

    Economic CBC News
    An undercover Marketplace investigation has exposed evidence of what many car owners have long suspected: some dealerships sell unnecessary service and push regular maintenance much sooner than the manufacturer recommends. Using hidden cameras and bait cars that were inspected by independent expert mechanics,Marketplace discovered some common upselling techniques used by service advisers. Source
  • L'Oreal heiress Liliane Bettencourt dies at 94

    Economic CTV News
    PARIS -- Liliane Bettencourt, the L’Oreal cosmetics heiress and the world’s richest woman, has died at her home in a chic Parisian suburb. She was 94. Bettencourt’s daughter, Francoise Bettencourt Meyers, said in a written statement Thursday that her mother "left peacefully" overnight in Neuilly-sur-Seine. Source
  • Asian stocks drop on North Korea concerns

    Economic CTV News
    HONG KONG - Most Asian stock markets fell Friday as investors turned cautious following new U.S. sanctions targeting North Korea and a China credit rating downgrade. KEEPING SCORE: Japan's benchmark Nikkei 225 slipped 0.4 per cent to 20,273.26 and South Korea's Kospi lost 0.7 per cent to 2,389.83. Source
  • Canadian retailers see potential NAFTA change as threat

    Economic CTV News
    TORONTO - A Canadian looking for a high-end men's shoe from can buy it from a major online retailer in the U.S. or get it for 25 per cent less at the bustling Eaton Centre mall in downtown Toronto. Source
  • California hits Gatorade in court for 'anti-water' videogame

    Economic CTV News
    SACRAMENTO, Calif. -- Gatorade has agreed not to make disparaging comments about water as part of a $300,000 settlement reached Thursday with California over allegations it misleadingly portrayed water's benefits in a cellphone game where users refuel Olympic runner Usain Bolt. Source
  • WestJet signs code-share agreement with Hong Kong Airlines

    Economic CTV News
    CALGARY -- WestJet Airlines Ltd. (TSX:WJA) says it has signed a code-share agreement with Hong Kong Airlines that will allow the Asian carrier to sell tickets on WestJet flights using its own designator codes. The agreement builds on an existing interline agreement put in place earlier this year. Source
  • 'Small number' of RBC credit card holders affected in Equifax breach, bank says

    Economic CTV News
    TORONTO -- RBC says "a small number" of its credit-card clients' personal information may have been affected in the massive Equifax security breach. Bank spokesperson A.J. Goodman said in an email that RBC has not yet identified any impact to clients and is continuing to investigate the issue. Source
  • New deadline established for competition to design navy's new warships

    Economic CTV News
    OTTAWA -- Defence companies and shipbuilders competing to design Canada's new fleet of warships have been given until Nov. 17 to submit their proposals. It's the third such deadline for the design competition, which is the most recent -- and arguably most politically sensitive -- phase in the entire $60-billion plan to build 15 warships. Source