Silver Bullion Trust Responds to Sprott Takeover News

Silver Bullion Trust (TSX:SBT.UN) put out a press release to acknowledge Sprott Asset Management LP’s announcement that it plans to acquire all outstanding units of the trust.

As quoted in the press release:

SBT has not previously been contacted by Sprott concerning an offer. SBT cautions its unitholders that Sprott has not made a formal offer and no action is required by SBT unitholders at this time. SBT recommends that unitholders defer taking any action until after Sprott’s offer has been made and the Trustees of SBT make a recommendation concerning the merits of the offer.

SBT has formed a Special Committee of its Trustees, consisting of Bruce Heagle, Ian McAvity, Michael Parente and Jason Schwandt, each of whom is an independent Trustee of the Trust. The Special Committee, together with its financial and legal advisors, will evaluate and consider the adequacy of Sprott’s offer, if and when it is made.

Click here to read the full Silver Bullion Trust (TSX:SBT.UN) press release.