Orko Silver (TSX: V.OK, Stock Forum) Wednesday said it has received a binding proposal from Coeur d'Alene Mines to acquire of all of the issued and outstanding common shares of Orko, this according to a company news release.
Coeur d'Alene, the biggest U.S.-based silver miner, is offering about $384 million, or $2.70 per Orko share.
On December 16, 2012, First Majestic Silver offered the equivalent of $2.72 per share for Orko, however the cash component of the deal would be $0.0001 per share compared with 70 cents per share offered as part of the Coeur d'Alene proposal, which Orko’s Board considers to be superior.
Orko’s crown jewel is the La Preciosa deposit in Mexico, considered to be one of the world's largest undeveloped silver projects.
Coeur d'Alene added that First Majestic has until February 19 to match its proposal.