Fresnillo pulls out of MAG Silver takeover
- Publishing Date
- 22 Jun 2009 11:06am GMT
- Author
- Mining Journal
Fresnillo plc, the world’s largest silver producer, withdrew its proposal to make an offer for Canada’s MAG Silver Corp after an independent committee wasn’t able to complete a valuation.
MAG’s independent committee wasn’t “satisfied with the level of information that Fresnillo has been willing and able to produce in order to conclude the valuation,” Mexico City-based Fresnillo said.
Fresnillo said in December it planned to make a formal bid for the rest of MAG’s shares, worth US$144 million, after amassing a 20% stake.
Despite the withdrawal of the Offer, Fresnillo said it remained committed to the growth of the company, and its growth objectives remain intact.
MAG’s independent committee wasn’t “satisfied with the level of information that Fresnillo has been willing and able to produce in order to conclude the valuation,” Mexico City-based Fresnillo said.
Fresnillo said in December it planned to make a formal bid for the rest of MAG’s shares, worth US$144 million, after amassing a 20% stake.
Despite the withdrawal of the Offer, Fresnillo said it remained committed to the growth of the company, and its growth objectives remain intact.
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