Gatos Silver gains after First Majestic's $970 mln buyout deal

First Majestic Silver

05/09/2024 12:48

** U.S.-listed shares of Gatos Silver  GATO.N  up 7.6% at
$12.50 premarket
    ** First Majestic Silver  AG.TO  to buy co for $970 mln in
an all-stock deal
    ** First Majestic to offer 2.55 shares for each GATO share,
implying an offer price of $13.49 per share, a 16% premium to
GATO's last close     
    ** Deal expected to close in early 2025 
    ** Combined entity to have an annual production of 30 to 32
million ounces of silver-equivalent
    ** U.S.-listed shares of First Majestic down 6.4% at $4.95
premarket
    ** Upto last close, AG is down 14% and GATO is up 77.7%,
respectively, YTD
    

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))