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Message: news release didn't say anything worthwhile
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mag silver issues a news release this morning, but they didn't tell us anything new. they just said the board is going to meet to decide what to do. at least they refer to it as an "unsolicited bid" and not a "friendly offer."
MAG Receives Unsolicited Bid from its Joint Venture Partner
Vancouver, B.C – MAG Silver Corp. (TSX: MAG) (AMEX: MVG) ("MAG") announced today that it has been advised of the intention of Fresbal Investments Ltd. ("Fresbal"), a subsidiary of Fresnillo plc, to make an unsolicited take-over bid for all of MAG's outstanding common shares not currently held by Fresnillo and its affiliates at an offer price of US$4.54 cash per share. Fresnillo is MAG's joint venture partner in the Juanicipio Joint Venture and, together with its affiliates, is the holder of approximately 19.8% of MAG's outstanding common shares.
On October 15, 2008, in response to Fresnillo's acquisition of approximately 19.8% of MAG's outstanding common shares, MAG announced that its Board of Directors had formed a Special Committee to assist it in evaluating strategic alternatives for the company. The Board of Directors will be meeting shortly with its advisors to consider an appropriate response to the Fresnillo announcement. No action is required by shareholders of MAG at this time. The Board of Directors will communicate further with shareholders and Fresnillo in due course, including if and when a take-over bid is mailed to shareholders.
About MAG Silver Corp. (www.magsilver.com)
MAG is focused on district scale projects located within the Mexican Silver Belt. Our mission is to become one of the premier companies in the Silver Mining Industry. MAG and its partner Fresnillo plc are delineating a significant new silver vein discovery on the Juanicipio Joint Venture in Zacatecas State, Mexico. MAG has also identified a new silver, lead and zinc discovery at its 100% owned Cinco de Mayo property. MAG is based in Vancouver, British Columbia, Canada. Its common shares trade on the TSX under the symbol MAG and on AMEX under the symbol MVG.
On October 15, 2008, in response to Fresnillo's acquisition of approximately 19.8% of MAG's outstanding common shares, MAG announced that its Board of Directors had formed a Special Committee to assist it in evaluating strategic alternatives for the company. The Board of Directors will be meeting shortly with its advisors to consider an appropriate response to the Fresnillo announcement. No action is required by shareholders of MAG at this time. The Board of Directors will communicate further with shareholders and Fresnillo in due course, including if and when a take-over bid is mailed to shareholders.
About MAG Silver Corp. (www.magsilver.com)
MAG is focused on district scale projects located within the Mexican Silver Belt. Our mission is to become one of the premier companies in the Silver Mining Industry. MAG and its partner Fresnillo plc are delineating a significant new silver vein discovery on the Juanicipio Joint Venture in Zacatecas State, Mexico. MAG has also identified a new silver, lead and zinc discovery at its 100% owned Cinco de Mayo property. MAG is based in Vancouver, British Columbia, Canada. Its common shares trade on the TSX under the symbol MAG and on AMEX under the symbol MVG.
On behalf of the Board of
MAG SILVER CORP.
"Dan MacInnis"
CEO & Director
9 Recommendations
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