Posted AT 9:38 PM EST on 01/12/08
Mexican silver giant makes bid for B.C.'s MAG
Silver giant Fresnillo PLC has launched an unsolicited takeover offer for MAG Silver Corp., its partner in a promising silver deposit in Mexico.
Fresnillo, which acquired a 19.8-per-cent stake in Vancouver's MAG earlier this year, is offering $4.54 (U.S.) a share for the company.
The offer represents a 12.3-per-cent premium to MAG's 20-day volume weighted share price, Fresnillo, based in Mexico City, said in a statement.
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