08:14 AM EST, 12/19/2024 (MT Newswires) -- Agnico Eagle Mines ( AEM ) said Thursday that its subsidiary initiated an offer to acquire all of the outstanding common shares of O3 Mining not already owned by Agnico Eagle for 1.67 Canadian dollars ($1.16) per share in cash.

The company said the bid is part of a friendly, board-supported acquisition and that O3 Mining's board of directors unanimously recommended that shareholders tender their shares towards the offer.

Additionally, the company said that directors and officers of O3 Mining, along with its largest shareholder Gold Fields Limited, Extract Advisors, and certain Franklin Templeton-managed funds -representing about 39% of O3 Mining's outstanding shares- have entered into lock-up agreements to tender all of their shares.

AEM shares were up 1.6% in recent premarket activity.