Scotia Capital Has Sector Perform on Agnico-Eagle Mines

Scotia Capital is out with a research report on Agnico-Eagle Mines Limited (NYSE: AEM) and it has a Sector Perform rating and a $81 price target on shares.

In a note to clients, Scotia Capital writes, "AEM is offering C$2.80 per share of GYD, for a total purchase price of C$275M (~2% of AEM market cap). GYD shareholders may elect to receive consideration in the form of cash of C$2.80/sh or a combination of cash and shares (0.04039 AEM shares and C$0.05 per GYD share), up to a maximum of 1/3 of the consideration in cash (C$92M) and 2.7M AEM shares. This equates to ~C$0.93 in cash and ~0.0275 AEM shares per GYD share assuming 2.7M AEM shares are issued."

Shares of AEM closed at $69.21 yesterday.