By Dean Seal
Shares of Coeur Mining fell after the company agreed to acquire Canadian miner SilverCrest Metals in a $1.7 billion all-stock deal.
The stock was down 6.9% at $6.60 on Friday. Shares have still doubled since the start of the year.
The Chicago-based Coeur said it would offer just over 1.6 of its shares for each share of SilverCrest, implying a valuation of $11.34 per share for SilverCrest.
The valuation has lifted SilverCrest shares 12% to $10.40 amid the decline for Coeur stock, which has had a huge year. Shares have doubled thus far in 2024 and tripled over the past 52 weeks, even with Friday's small selloff.
If completed, SilverCrest shareholders will own about 37% of the combined company and Couer investors will own the balance.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
October 04, 2024 12:16 ET (16:16 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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