Jaguar Mining up 46% on Buyout Offer

Loading...
Loading...
On Wednesday, Chinese exploration and mining company Shandong Gold has offered a high price tag to acquire Brazilian-based gold miner Jaguar Mining
JAG
,
according to the Wall Street Journal
, citing sources. With a price tag of $1 billion or $9.30 per share, it represents a pretty hefty premium for JAG's shares, as the Securities and Exchange Commission halted shares prior to the market open. The $9.30 offer represents about a 73% premium to Jaguar's closing price on Tuesday. Shares of the Brazilian miner are trading higher, but not as high as the supposed offering price, even though Jaguar Mining confirmed that it has received the offer. Currently Jaguar Mining is up about 45% at $7.86. Before this proposed deal, shares of Jaguar Mining have been under pressure, down nearly 25% on the year to be exact. After this morning, shares of JAG are now up nearly 11% on the year.
Posted In: NewsWall Street JournalRumorsM&AMoversMedia
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...