News

Endeavour and Semafo shareholders overwhelmingly approve $1B merger

MONTREAL - Two Montreal-based mining companies with West African gold operations say their shareholders have overwhelmingly approved a $1-billion combination deal.

SEMAFO Inc. and Endeavour Mining Corp. say more than 99.7 per cent of votes cast Thursday by each company’s shareholders were in favour of the transaction, well above the required two-thirds required threshold.

A final order from the Superior Court of Quebec is expected to be given on Friday.

Semafo says in a news release that the companies have made certain “non-material amendments” to the plan of arrangement.

Under the deal, Semafo shareholders will receive 0.1422 of an Endeavour share for each Semafo share they hold. Existing Endeavour and Semafo shareholders will own approximately 70 per cent and 30 per cent, respectively, of the combined company.

La Mancha Holding, which holds a 31 per cent stake in Endeavour, has also agreed to invest $100 million in the combined company. Its interest is expected to slip to about 25 per cent once the deal is completed.
Read more on Toronto Star
News Topics :
Similar Articles :
Business
MONTREAL A $1 billion deal to combine two Quebec companies with West African gold mining operations was met with sharply divergent reactions from their shareholders on Monday. Stock in Montreal based...
Business
TORONTO Endeavour Mining Corp. is offering to buy Centamin PLC in a stock swap deal that values the gold miner at roughly $2.5 billion, based on stock values just prior...
Business
The Toronto listed companies say 99.9 per cent of the votes cast by Alacer shareholders and 96.5 per cent of the votes by SSR Mining shareholders were in favour of the...
Business
The Stars Group Inc. says its shareholders have voted overwhelmingly to approve a takeover of the company by Flutter Entertainment plc. The company says 99.99 per cent of the shares...
Business
VANCOUVER Newmont Mining Corp. says shareholders have voted overwhelmingly in favour of a US$10 billion all share takeover deal of Goldcorp Inc. Denver based Newmont says shareholders voted 98 per cent...