Aurizon Mines Ltd. (TSX: T.ARZ, Stock Forum) has told its shareholders to hold off on taking any action with respect to a hostile takeover bid from Alamos Gold Inc.(TSX: T.AGI, Stock Forum)that values Aurizon at $780 million or $4.65 per share in cash and stock.
In a press release, Aurizon said it is in the process of reviewing and evaluating the Alamos offer with its financial and legal advisors.
The company says shareholders should defer taking any action until its board of directors makes a recommendation as to the merits of the Alamos offer.
On Tuesday, Aurizon shares rose 0.66% to $4.58, while Alamos was up 1.3% to $15.09.