Takeover GamesOn may 10 Coeur signed an Agreement and Support Agreement with Orion while purchasing 11,067,747, shares of Victoria Gold at 13.20 valued at 117million and paying Orion with over 12 million Coeur at around 9.38 All numbers US.
In this agreement and support agreement Coeur can't put out press releases unless Orion agree sin advance,Also if Coeur accumulates over 50% of Vitorias shares it pays Orion 75% of the spread (thats the difference in sale price 13.20 to the price of acquiring) and Orion agrees to using it shares and influence siding with Coeurs acquisition of over 50%.
Then Victoria counters with Shareholder Right Program with a Bidders Price that unless met Triggers the over 20% accumulation that allows the Shareholde Rights Plann an attchement per Victoria share to allow the purchase a share per attachement at 50% off for shareholders excluding acquirer.
Then an accelerator, Victoria announces a Purchase to Cancel of 5% of float at Victorias discretion.This would effectively raise both Coeurs precentage position and Orions over 20% at completion.And their are daily accumulation limits that escapes me at moment.
John OConnel has opened the gates to VIPTours of mine and been on phone trying to attrack suitors,Has pushed the exploration button at Raven and at depth in Eagle pit to push out minelife and add ounces..Raising value of Victoria.
CDE needs this mine with its experience in open pit heap leach with it accretive production and 1 year of production.Coeur has done everything to to not alter the focus and funds from Rochestor .This is a transfomative aquisition when combined with palmarejo,Wharf and Kensington as well as insrance for Kensingtons re-permitting and an accelerator of Silvertip mine in BC.
I believe Coeur will overpay and has its financing in order but if it does nothing Shareholder Rights Plan is triggered. by Orion or another bidder Coeur will have the option to buy 11million shares at 50% off. and not pay the 75% back of spread to Orion.
Also June 23 Victoria has a Board Meeting whatever play is happening good chance of something happening then
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