First Majestic Silver Corp. (TSX:FR, NYSE:AG, FRANKFURT:FMV) announces that it is considering Coeur d’Alene Mines Corporation’s recent bid for Orko Silver Mines.
As quoted in the press release:
Under the Arrangement Agreement, First Majestic has the right, for a period of five business days from receipt of Orko’s notice, to offer to amend the terms of the Arrangement Agreement. If such amended First Majestic proposal results in the Coeur Proposal not being a Superior Proposal, Orko must enter into an agreement with First Majestic to reflect the amended terms of the transaction and must recommend that the Orko securityholders approve the amended transaction with First Majestic. No termination, break or other fee will be payable by Orko to Coeur in respect of First Majestic’s exercise of its right to match. In the event that First Majestic elects not to match and if Orko terminates the Arrangement Agreement in order to enter into an agreement with Coeur then Orko is required to pay a break fee to First Majestic in the amount of $11.6 million.