Agnico Eagle Mines Ltd and Pan American Silver Corp swooped in with a joint bid for Yamana Gold on Friday, in an attempt to scupper Gold Fields' planned acquisition of the Canada-listed gold miner.
The cash and stock offer, valuing Yamana at around $4.8 billion, would see Agnico and Pan American split Yamana's mines between them. 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.
Yamana, whose shares were up 15% after news of the rival bid, said it had informed Gold Fields that the new offer was a "superior proposal". Gold Fields has five business days to make a new offer should it wish to. Unathi Loos, portfolio manager at Ninety One in Cape Town which is a Gold Fields shareholder, said she would view a higher offer by the miner as a negative.
Some investors had been highly critical of the deal, with a top 10 shareholder Redwheel Capital on Thursday publishing a letter it sent to Gold Fields' board in which it described the deal as a "major error". "Yamana shareholders are likely to be attracted to the cash element of the deal, alongside the offering of Agnico Eagle shares," they said in a note.
Pan American bought rival Tahoe Resources for $1.07 billion in 2019, a deal that centred on Pan American's belief it could eventually re-open Escobal, the world's second-largest silver mine.
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