11:05 AM EST, 01/09/2025 (MT Newswires) -- National Bank of Canada changed its rating on the shares of O3 Mining ( OIIIF ) to tender from 0utperform while cutting its price target dropped to $1.67 from $2.40.

The changes were based on the all-cash offer price by Agnico Eagle Mines ( AEM ) , which agreed to acquire O3 for $204 million or $1.67 per share.

"We expect remaining shareholders to comply and tender shares by the due date given unanimous support by OIII's largest shareholders and a sizable premium," National Bank said. "Shares are already trading near the offer price."

The transaction is expected to close in the first quarter.

Price: 1.66, Change: +0.01, Percent Change: +0.30