Aurizon Mines (TSX: T.ARZ, Stock Forum) Wednesday reported that its Board of Directors has unanimously recommended that shareholders reject the hostile take-over bid received from Alamos Gold (TSX: T.AGI, Stock Forum).
The Quebec gold producer called the offer “financially inadequate and opportunistic,” and believes there is increased geopolitical and development risk associated with Alamos shares.
Aurizon added that it is exploring alternatives for the company, which includes engaging in discussions with third parties regarding other potential transactions.