O3 Mining (OIII.V) shareholder GreenAsh Partners, which has a 2.7% stake in the company, on Friday said it is "perplexed at what appears to be the deeply discounted valuation of the proposed takeover of O3 Mining and a pricing level which may deliver no material advantage to Agnico Eagle."
Agnico Eagle Mines (AEM.TO) in December said it agreed to acquire O3 Mining for $1.67 cash per share, a 50% premium to the company's shares at the time. The offer valued the company at $204 million.
Canaccord research last November estimated O3's net present value (NPV) at $1.6 billion, GreenAsh said, adding that a 2022 pre-feasibility study of O3 Mining estimated a $639 million NPV for O3's Marban project, using a US$1,900 gold price input, below the current gold price of US$2,700.
If O3 shareholders agreed with the assessment of undervaluation, Agnico Eagle is not likely to receive meaningful tenders beyond the 39% already committed, as it requires the agreement of 66 2/3 shareholders, GreenAsh concluded.
O3 Mining was last seen up $0.01 to $1.67 on the TSX Venture Exchange.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。