6 Mar 2015business combination● Neutral
Coeur and Paramount amended their merger agreement to adjust a tax-related closing condition; the economics of the deal are unchanged.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Mar 2015business combination● NeutralMajor
Amendment No. 2 is the version that carries a real change: the merger agreement itself was amended on March 3, 2015, the day before filing, and both special meetings were fixed for April 17 off a February 24 record date, with the two tax opinions now attached. The 0.2016 exchange ratio still stands, fixed and unadjusted for any move in either share price.
9 Feb 2015business combination● NeutralMajor
Amendment No. 1 to the registration for Coeur's acquisition of Paramount Gold and Silver, adding the counsel's legality opinion and refreshed consents needed before effectiveness. The deal it registers splits Paramount in two: Coeur takes the Mexican San Miguel business at 0.2016 Coeur shares per Paramount share - about $143.9 million on Raymond James' arithmetic - while Paramount's Nevada Sleeper assets are spun out to Paramount holders as SpinCo, leaving them with 95.1% of the spin-off and roughly 24% of Coeur.
13 Jan 2015material agreement▲ GoodMajor
Separately from the Paramount deal, Coeur agreed to buy the Wharf gold mine in South Dakota from Goldcorp for $105 million in cash.
7 Jan 2015business combination● NeutralMajor
Coeur registered the shares for a two-part deal with Paramount Gold and Silver: Paramount holders receive 0.2016 Coeur shares -- a fixed ratio, not adjusted for any move in either share price -- for each Paramount share, while Paramount's Nevada Sleeper project is first spun into a separate company (SpinCo) kept by those same holders. What Coeur actually buys is the Mexican San Miguel project, assembled by Paramount through third-party deals between 2005 and 2009.
18 Dec 2014business combination● NeutralMajor
Coeur agreed to acquire Paramount Gold and Silver in an all-stock merger; Paramount will first spin off its Nevada mining assets to its own shareholders, and once the deal closes former Paramount holders will own about 24% of Coeur.
6 Oct 2014material agreement termination▲ Good
Coeur agreed to buy out a long-running royalty that Franco-Nevada held on its Mexican operations, paying $2 million now, with the royalty's full termination to take effect once a minimum royalty payment threshold is later met.