Aurizon Mines Ltd advised shareholders on Wednesday to reject an unsolicited C$780 million ($785.1 million) takeover offer from rival gold miner Alamos Gold Inc, saying the proposal was inadequate and opportunistic. Alamos, which owns and operates the Mulatos mine in Mexico, made the C$4.65 per share offer on Jan. 14.Aurizon's shares closed above the offer price at C$4.74 on the Toronto Stock Exchange on Tuesday.The offer fails to compensate Aurizon shareholders for the true value of its assets, said George Brack, chair of the special committee of the Aurizon board.Vancouver, British Columbia-based Aurizon, which operates the Casa Berardi gold mine in Quebec, set up the committee to review the Alamos proposal.
Alamos Gold Inc. is engaged in the acquisition, exploration, development and extraction of precious metals in Mexico and Turkey. Shares of AGI traded higher by 2.18% or $0.34/share to $15.95. In the past year, the shares have traded as low as $13.84 and as high as $21.00. On average, 300286 shares of AGI.TO exchange hands on a given day and today's volume is recorded at 419725.
Aurizon Mines Ltd. (Aurizon), incorporated on April 8, 1988, is a Canada-based gold producer with operations and development activities in the Abitibi region of north-western Quebec. Shares of ARZ traded higher by 2.16% or $0.1/share to $4.74. In the past year, the shares have traded as low as $3.15 and as high as $5.75. On average, 777646 shares of ARZ.TO exchange hands on a given day and today's volume is recorded at 2817117.
Aurizon Mines Ltd. (Aurizon), incorporated on April 8, 1988, is a Canada-based gold producer with operations and development activities in the Abitibi region of north-western Quebec. Shares of AZK remained unchanged at $4.75. In the past year, the shares have traded as low as $3.19 and as high as $5.77. On average, 735833 shares of AZK exchange hands on a given day and today's volume is recorded at 0.
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