Iamgold proposes buyout of Euro Ressources
Toronto- and New York-listed Iamgold on Tuesday announced a draft buyout offer to acquire the rest of French precious metals royalties company Euro Ressources.
The Canadian company said that its subsidiary, Iamgold France, had filed a draft buyout offer with the Autorité des marchés financiers to acquire all the outstanding common shares of Euro for €3.50 each.
The offer will be followed immediately by a squeeze-out under French law.
Iamgold stated that the offer price represented a 6.71% premium based on the closing price of the Euro shares on the Euronext Paris stock exchange on November 13.
Iamgold France will finance the offer from existing cash resources.
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