U.S. Markets close in 2 hrs 52 mins

Aurizon jumps after Alamos offers to buy company for C$780M

Alamos Gold announced earlier that it has commenced an offer to acquire Aurizon Mines (AZK) for approximately C$780M in cash and shares. The offer will remain open until 5:00 p.m. Toronto time on February 19, unless withdrawn or extended. Alamos has also applied to list its common share on the New York Stock Exchange under the symbol "AGI". Under the terms of the Offer, Alamos proposes to acquire all of the outstanding common shares of Aurizon for consideration value of C$4.65 per Aurizon Share. Each Aurizon shareholder can elect to receive consideration per Aurizon Share of either C$4.65 in cash or 0.2801 of an Alamos Share. The offer reflects a premium of approximately 40% based on the closing price of C$3.33 for the Aurizon Shares on the TSX on January 9, and a premium of approximately 37% based on the volume-weighted average price of the Aurizon Shares on the TSX for the 20 trading days ended January 9. As of today, Alamos owns 26.51M Aurizon Shares, representing over 16% of the outstanding shares. Shares of Aurizon Mines are up 35%, or $1.21, to $4.67 in late morning trading.