Now there's a thing, a $4.26 cash and paper deal. Here's the NR, here's the start of the blurb:
VANCOUVER, BRITISH COLUMBIA--(Marketwire -06/18/12)- Extorre Gold Mines Limited (XG)(XG)(XG.TO)(E1R.F) ("Extorre" or the "Company") is pleased to announce today that it has entered into a definitive agreement (the "Agreement") with Yamana Gold Inc. (YRI.TO)(AUY)(YAU.L) ("Yamana") pursuant to which Yamana will acquire all of the issued and outstanding common shares of Extorre ("Extorre Shares") by way of a statutory plan of arrangement (the "Arrangement") under the Canada Business Corporations Act.
Under the terms of the Agreement, each Extorre shareholder will receive in exchange for each Extorre Share held, $3.50 in cash and 0.0467 of a common share of Yamana ("Yamana Share"). Each holder of an Extorre stock option (an "Option") shall be entitled to receive, upon the exercise of such Options, Yamana Shares based upon a share exchange ratio of 0.2648 of a Yamana Share for each Extorre Share which would have been issuable upon exercise of such Options prior to the effective date of the Arrangement.
Based on the closing price of the Yamana Shares on the Toronto Stock Exchange ("TSX") of $16.36 on June 15, 2012, the last trading day before announcement of the Arrangement, the implied transaction price of $4.26 per Extorre Share represents a premium of approximately 54% over the 20-day volume weighted average price of the Extorre Shares on the TSX for the period ending June 15, 2012. The transaction value on a basic shares outstanding basis is approximately $414 million.
Completion of the Arrangement is subject to continues here
That Marrone guy earns more than you do. There's a reason for that.