Shares of SilverCrest Metals Inc. $(SILV.UK)$ (CA:SIL) charged up 9.7% in premarket trading Friday, after the Canada-based silver miner agreed to be acquired by Chicago-based Coeur Mining Inc. $(CDE)$ in a stock deal valued at $1.7 billion. Coeur Mining Chief Executive Mitchell Krebs said the acquisition, which is expected to close late-first quarter of 2025, will create "a leading global silver company" by adding low-cost silver and gold production and "significant" free cash flow. But given that acquisition is a stock deal, Coeur Mining's stock slumped 4.7% ahead of the open. Under terms of the deal, SilverCrest shareholders will receive 1.6022 Coeur shares for each SilverCrest share they own. Based on Thursday's closing prices, that values SilverCrest shares at $11.34, a 22.1% premium. SilverCrest's stock hasn't closed as high as that price since Jan. 7, 2021. Coeur shares have soared 117.2% year to date through Thursday and SilverCrest's stock has climbed 41.8%, while the VanEck Gold Miners ETF $(GDX)$ has rallied 27.6% and the S&P 500 has gained 19.5%.
-Tomi Kilgore
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(END) Dow Jones Newswires
October 04, 2024 07:29 ET (11:29 GMT)
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