Thursday, 13th September 2007 (1751 views)

Precious mineral exploration company Yamana Gold has extended its offer for the acquisition of fellow gold miner Meridian Gold, it has been announced.

The offer - previously set to expire on September 11th at 20:00 Toronto time-has now been extended until 20:00 September 24th.

So far, Yamana reports that roughly 34.3 million common shares have been deposited to its offer, which represents 34 per cent of Meridian's outstanding common shares.

"The increase in the number of shares tendered to our bid to date indicates that a good percentage of Meridian shareholders agree that this is a compelling offer," Peter Marrone, Yamana's chairman and chief executive officer, commented.

He added that Yamana is confident that bid tenders will continue to increase during the time extension, noting that a "major milestone" had been achieved for Yamana.

Canadian gold producer Yamana boasts gold producing mines in Brazil along with gold development and exploration properties in the South American country.

 

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