First Majestic May Trump Coeur d'Alene Bid for Orko (AG, CDE, OKOFF.DL)

First Majestic May Trump Coeur d'Alene Bid for Orko

Responding to Coeur d'Alene's (NYSE: CDE ) $383.3 million proposal to trump its bid for Orko Silver Corp. (UNKNOWN: OKOFF.DL ) , initial bidder First Majestic Silver (NYSE: AG ) announced yesterday that it may exercise its right to match Coeur's bid.

Under the terms of First Majestic's original offer to purchase Orko, First Majestic has five business days from receiving notice of Coeur d'Alene's offer to decide whether it wants to amend its purchase offer. An amended offer equal to or better than what Coeur has offered will obligate Orko to proceed with its sale to First Majestic, according to First Majestic.

If First Majestic declines to match Coeur's bid, then Orko has the right to go with Coeur -- in which case it must pay First Majestic an $11.6 million breakup fee.

At this time, First Majestic has not yet decided on its move, saying only that it "will keep the market apprised of further developments."

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Report this Comment On February 15, 2013, at 8:42 PM, EllenBrandtPhD wrote:

San Miguel may be better than OK, say some.
First Majestic should should just forget about OK and bid for San Miguel, right next door to Coeur.
If they do, those with the wherewithal to take out ALL of PZG - neither First Majestic nor Coeur can afford it - might, IMO, quickly step in, with NEM at the top of the list.
Some of us have long thought NEM was the logical parent for PZG, whose PEA will come out within 4? 5? 6? trading days - certainly not much more, since they have sworn in stone this time that March 1st is the internal deadline.
Of course, CDE should have been less stubborn, let by-gones be by-gones, and bid on San Miguel rather than OK.
But I am not advising them. JPM is.

updated 1 day ago Sponsored by:
	DOW	15,303.10	8.60	0.06%
	S&P 500	1,649.60	-0.91	-0.06%
	NASD	3,459.14	-0.28	-0.01%

OKOFF.DL	$0.00		+0.00	+0.00%
ORKO SILVER CORP O…		CAPS Rating:

CDE	$13.49		-0.07	-0.52%
Coeur d'Alene Mine…		CAPS Rating:

AG	$10.37		+0.07	+0.68%
First Majestic Sil…		CAPS Rating:

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First Majestic May Trump Coeur d'Alene Bid for Orko

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Report this Comment On February 15, 2013, at 8:42 PM, EllenBrandtPhD wrote:

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