Yamana Enters Into Agreement
Yamana Gold Inc has entered into an arrangement agreement with Agnico Eagle Mines Limited and Pan American Silver Corp for the acquisition by Pan American of all of the issued and outstanding.
The Board of Directors of the Company has changed its recommendation with respect to the pending transaction with Gold Fields pursuant to the Gold Fields Arrangement Agreement and now unanimously recommends that Yamana shareholders vote against the Gold Fields Transaction at the special meeting of Yamana to be held to consider the Gold Fields Transaction.
The Board has unanimously determined in good faith, after consultation with its outside financial and legal advisors, and upon the unanimous recommendation of the special committee of independent directors of the Board, that the Agnico – Pan American Transaction is a Yamana Superior Proposal in accordance with the terms of Gold Fields Arrangement Agreement.
The Agnico - Pan American Arrangement Agreement, as a Permitted Acquisition Agreement under the Gold Fields Arrangement Agreement, will become effective upon the Gold Fields Arrangement Agreement not being approved by Yamana shareholders at the Yamana Meeting unless Gold Fields elects to terminate the Gold Fields Arrangement Agreement before then.