Agnico Eagle Mines (AEM.TO) said on Tuesday that following the closing of its takeover bid it holds 97% of O3 Mining (OIII.V).
Agnico said it acquired 115 million tendered O3 shares at $1.67 apiece. Agnico now owns a total of 116 million O3 shares.
Agnico Eagle Abitibi Acquisition, an Agnico Eagle subsidiary, and O3 Mining will merge and the combined entity will become a wholly-owned subsidiary of Agnico Eagle.
Each O3 Mining shareholder will receive one redeemable preferred share of the combined entity for each share held prior to the merger.
The merger, which is expected to close before March 31, must be approved by at least two-thirds O3 shareholders during a special meeting. The O3 board recommends that shareholders approve the deal.
Agnico's share price rose 0.6% at last look to US$95.44 in NYSE pre-market trading after gaining 2.3% on Monday to $138.17 on the TSX.
O3's share price closed Monday at $1.67 on the TSXV.
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