Deals
Kinross Gold to Buy Red Back Mining for $7.1 Billion
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Kinross Gold Corp., Canada’s third-largest producer of the metal, said it agreed to buy the shares of Red Back Mining Inc. it doesn’t already own for about $7.1 billion to add mines in West Africa.
Red Back investors will get 1.778 Kinross common shares and 0.11 of a Kinross common share purchase warrant for each Red Back common share held, the companies said today in a statement. The value of the offer is C$30.50 ($29.80) a Red Back common share, they said, which represents a premium of about 17 percent over Red Back’s July 30 closing share price in Toronto. The city’s stock exchange is closed today for a public holiday.