bei um die 4 CAD hab ich verkauft. schade drum...
Pan American Silver Corp. to Launch Friendly Offer
for Aquiline Resources Inc.
Pan American will add world class silver development project to its portfolio
Aquiline shareholders receive 37% premium
(Note: All currency figures are in CDN$, unless otherwise indicated)
Vancouver, British Columbia – October 14, 2009 – Pan American Silver Corp. (“Pan American”) (TSX:PAA;
NASDAQ:PAAS) and Aquiline Resources Inc. (“Aquiline”) (TSX:AQI) are pleased to announce that they have
signed a support agreement (the “Support Agreement”) pursuant to which Pan American will make a formal
take-over bid to acquire all of the issued and outstanding shares of Aquiline (the “Share Offer”).
Contemporaneously with the Share Offer, Pan American also proposes to make formal take-over bids for each
outstanding series of Aquiline warrants and the Aquiline convertible debenture (together, the “Convertible
Security Offers”). The transaction value implied by all of the offers is approximately $626 million.
The Share Offer will be made on the basis of 0.2495 of a Pan American common share, plus 0.1 of a Pan
American common share purchase warrant for each Aquiline common share. Each of these warrants will
entitle the holder to acquire one Pan American common share at a price of $35.00 per Pan American common
share for a period of five years after the date on which Pan American first pays for Aquiline common shares
tendered to the Share Offer (the “Five Year Pan American Warrant”). The consideration offered pursuant to
the Convertible Security Offers will consist of replacement Pan American securities, exercisable to acquire
Pan American common shares, with similar terms to the respective Aquiline securities, subject to an
adjustment based on a 0.2495 exchange ratio.
Based on the closing price of Pan American common shares on the TSX on October 13th, 2009 (and
assuming a value of $0.81 for each 0.1 of a Five Year Pan American Warrant), the implied value of the Share
Offer is $7.47 per Aquiline common share, which represents a premium of approximately 36.6% over the
closing price of Aquiline common shares on the TSX on the same date, and a 62.0% premium to Aquiline’s
10-day volume weighted average price. Aquiline shareholders will own approximately 19% of the enlarged
Pan American.
The Board of Directors of Aquiline, after receiving the recommendation of a special committee of independent
directors, has unanimously determined (i) that the Share Offer is fair to Aquiline’s shareholders and is in the
best interest of Aquiline, and (ii) to recommend that Aquiline shareholders tender their common shares to the
Share Offer. BMO Capital Markets, financial advisor to Aquiline, has delivered a fairness opinion to the Board
of Directors of Aquiline in connection with the Share Offer. Cormark Securities Inc. has also delivered a
fairness opinion to the Board of Directors of Aquiline in connection with the Share Offer. The offers are
conditional on the directors and senior officers of Aquiline entering into lock-up agreements with Pan American
and agreeing to tender all of their Aquiline shares in support of the Share Offer. The Support Agreement and
the transactions contemplated therein arose as a result of a review of strategic alternatives undertaken by
Aquiline.
.....
Source:
http://www.aquiline.com/SiteRe…release%2014-oct-2009.pdf
