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.
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