Meridian says it's better off alone

摘要

Meridian Gold (mng-t, mdg-n) has rejected Yamana Gold's (yri-t, auy-n, yau-l) revised offer for the company on the basis that it still doesn't provide value to shareholders. The unsolicited cash-and-stock bid was originally made in July, with Yamana upping the cash component by 85 cents to 4.00 dollars per share but on Aug. 14. The stock component of the bid is unchanged at 2.235 of a Yamana common share for each Meridian share. Yamana also waived the due diligence access condition and extended the deadline to Sept. 7. "Yamana's amended offer still falls short," said Meridian chairman Brian Kennedy in a statement. "Given the lack of any meaningful improvement in the offer, the board continues to believe that holding Meridian shares is preferable to accepting the inadequate Yamana offer."