OTTAWA (dpa-AFX) - Pan American Silver Corp. (PAAS), a Canada-based mining company, on Monday announced that the Mexican Federal Economic Competition Commission has approved the previously announced acquisition of all of the issued and outstanding shares of MAG Silver Corp. (MAG).
The transaction is expected to close on or around September 4.
The register holders will receive $20.54 in cash for each MAG share or the default election of $0.0001 in cash and 0.755 of a common share of Pan American for each MAG Share held.
Each election is subject to proration under the Arrangement, ensuring that the total consideration to all MAG shareholders will consist of $500 million in cash, with the balance paid in Pan American shares.
On Friday, Pan American Silver closed trading 1.87% higher at $32.64 on the New York Stock Exchange.
On Friday, MAG Silver closed trading 1.50% higher at $23.69 on the New York Stock Exchange.
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