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First Majestic friendly takeover bid of Silvermex entrenches the company's position in Mexico, and further establishes it as a world class silver producer.
The takeover bid will be for equity in First Majestic, as the company will issue 9.6 million shares to Silvermex shareholders, placing a valuation of CDN$175.4 million.
The offer values Silvemex at approximately C$0.60 per share, representing a premium of approximately 33% to the closing price of Silvermex as at April 2, 2012 and approximately 43% to the 30 day volume weighted average price.
The La Guitarra property will add a fourth producing asset to the First Majestic family, and add growth potential to their existing Mexican portfolio.
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