Agnico Eagle Completes the Acquisition of O3 Mining

Canada-based mining company Agnico Eagle announced the completion of its acquisition of Quebec-based gold explorer and developer O3 Mining. The company said O3 Mining shareholders will receive a CA$1.67 (US$1.17) per share, a 58% premium. 

Agnico Eagle said the transaction involves acquiring 100% of O3 Mining's outstanding common shares. This acquisition was finalized through an amalgamation of O3 Mining and Agnico Eagle’s subsidiary Abitibi Acquisition.

The amalgamation followed Agnico Eagle's take-over bid to acquire O3 Mining. Under the amalgamation, O3 Mining shareholders, excluding Agnico Eagle, will receive CA$1.67 in cash per common share.

On Jan. 15, 2025, Agnico Eagle sent a letter to O3 Mining’s shareholders to tender their shares, outlining several advantages. The company’s offer of CA$1.67 per share represented a 58% premium to the closing price before the offer's announcement. Agnico Eagle and O3 Mining had a definitive support agreement, where Agnico agreed to acquire all outstanding common shares in cash through a friendly take-over bid. The offer was valued at approximately CA$204 million on a fully diluted in-the-money basis.