Why Yamana Gold (AUY) Shares Are Soaring Today

Yamana Gold Inc AUY received an unsolicited binding proposal from Agnico Eagle Mines Ltd AEM and Pan American Silver Corp PAAS to acquire the company in an almost $5 billion cash-and-stock deal.
Total consideration consists of $1.0 billion in cash and the issuance of approximately 153.5 million Pan American shares and approximately 36.1 million Agnico shares.
Under the terms of the offer, Yamana shareholders would receive $1.0406 in cash, 0.0376 of an Agnico Share, and 0.1598 of a Pan American Share for each share held.
Gold Fields Limited GFI had agreed to acquire Yamana Gold for $6.7 billion in May. The outstanding Yamana Shares will be exchanged for 0.6 of an ordinary share of Gold Fields.
Yamana informed Gold Fields that the new offer constitutes a "superior proposal" and has five days in case it wants to amend its existing offer.
A special meeting of Yamana shareholders to consider the Gold Fields Arrangement is scheduled for November 21.
Price Action: AUY shares are up 17.6% at $4.80 on the last check Friday.
Photo by Steve Bidmead from Pixabay

Agnico Eagle Mines - Pan American Silver Offer Around $5B To Buy Yamana Gold