The British Columbia Securities Commission has granted an order that will allow Aurizon Mines Ltd.’s (TSX: T.ARZ, Stock Forum) shareholders rights plan to remain in effect until March 4, 2013.
The move follows a consent order by both Aurizon Mines and Alamos Gold Inc. (TSX: T.AGI, Stock Forum), Aurizon said in a press release.
Last month, Alamos launched an unsolicited takeover bid for Aurizon, which it valued at $780 million in cash and stock, or $4.65 a share. At the time, Alamos said the offer represented a 40% premium, based on the closing price of Aurizon shares on January 9, 2013. At the time, Alamos owned 26.5 million shares of Aurizon, representing 16% of the company.
Aurizon closed Friday at $4.32, leaving the company with a market cap of $710.9 million, based on 164.6 million shares outstanding. The 52-week range is $5.57 and $3.15.