Rupert Resources Advances Agnico Eagle Acquisition with Circular Mailing, Interim Order
RUPRF has more than doubled off its 52-week low of $3.2 on light trading volume (0.3× avg).
Summary
Rupert Resources announced the mailing of its management information circular and the receipt of an interim order, critical procedural steps for the previously announced acquisition by Agnico Eagle. These actions facilitate the special meeting where securityholders will vote on the plan of arrangement. The board unanimously recommends the arrangement, highlighting a significant 67% premium to Rupert's share price prior to the announcement and the opportunity for shareholders to gain exposure to Agnico Eagle while retaining upside via contingent value rights. This news confirms the acquisition process is moving forward as planned, increasing deal certainty. Traders should monitor the upcoming special meeting for shareholder approval.
At the time of this announcement, RUPRF was trading at $8.11 on OTC in the Industrial Applications And Services sector, with a market capitalization of approximately $1.9B. The 52-week trading range was $3.20 to $8.75. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.