By Bhaswati Mukhopadhyay
Reuters
U.S. silver miner Hecla Mining Co. will buy Aurizon Mines Ltd for about C$796 million ($774 million), topping an unsuccessful bid by the Canadian company’s largest shareholder to gain control of a gold mine in Quebec.
Hecla shares fell more than 11 percent to $4.11 in early trading, while Aurizon shares rose as much as 6 percent to C$4.60 on the Toronto Stock Exchange.
Hecla, the second-largest U.S. silver miner by output, offered C$4.75 per share to acquire Vancouver, British Columbia-based Aurizon, the companies said.
The offer price represents a 9 percent premium to Aurizon’s Friday close of C$4.35 on the Toronto Stock Exchange.