Facing an unsolicited takeover bid from Northgate Minerals (NGX-T, NXG-X), Aurizon Mines (ARZ-T, AZK-X) has advised shareholders to wait for developments.
Northgate has offered 0.741 of its shares for each share of Aurizon, which at current prices values the company at $444 million and individual shares at $3.06. The market, evidently expecting a better offer, pushed Aurizon shares up to $3.26 on June 1, allowing Aurizon management to protest that the offer undervalues Aurizon by 7%.
Aurizon has engaged BMO Nesbitt Burns and National Bank Financial to act as financial advisors and assess Aurizon’s options. It has a board committee evaluating the offer and anything Nesbitt or National come back with.
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