Kinross extends offer for Kinam’s preferred shares

Kinross Gold (K-T) has extended its offer for all of Kinam Gold‘s $3.75 series B convertible preferred shares it doesn’t already own until 5 p.m., Eastern time on April 4.

Kinross’ original $16-per-share cash tender offer expired on March 28 with a total of 652,992 Kinam preferred shares being tendered.

The newly acquired shares give Kinross ownership of 86.9% of the issued and outstanding Kinam preferred shares. Alpine Fiduciary Services, the depositary for the tender offer, will disperse the funds to shareholders this week.

Shareholders tendering their shares to the extended offer will receive the same consideration as those who submitted their shares to the original offer.

Kinross already owns all of Kinam common shares.

Kinam is an outgrowth of Kinross’ 1998 merger with Amax Gold.

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