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Tahoe Resources to be Acquired by Pan American Silver for US$1.067 Billion

Published: 11/14/2018

Team: Paul M. Stein, Jeffrey P. Roy, Jen Hansen, Jamie Litchen, Aimee O'Donnell, Sam Chapman, Conrad H. Lee, Chris Hersh, Christopher B. Norton

On November 14, 2018, Pan American Silver Corp. and Tahoe Resources Inc. announced that they have entered into a definitive agreement for Pan American to acquire all of the outstanding shares of Tahoe pursuant to a plan of arrangement. Tahoe shareholders may elect to receive US$3.40 in cash or 0.2403 of a Pan American share for each Tahoe share, subject in each case to pro-ration with a maximum cash consideration of US$275 million, for total initial consideration of US$1.067 billion. In addition, Tahoe shareholders will receive contingent consideration in the form of contingent value rights, that will be exchanged for 0.0497 of a Pan American share for each Tahoe share, currently valued at US$221 million, and payable upon first commercial shipment of concentrate following restart of operations at the Escobal mine.

Cassels Brock acted for the Special Committee of Tahoe Resources Inc. with a team that included Paul Stein, Jeff Roy, Jen Hansen, Jamie Litchen, Aimee O’Donnell, Sam Chapman and Conrad Lee (Mining, Securities and M&A), Chris Hersh (Competition) and Chris Norton (Tax).