Integra Gold (ICG.V) has announced it’s selling itself to Eldorado Gold (EGD.TO, EGO), in a transaction valued at C$590M. Shareholders of Integra Gold will have the option to receive C$1.2125 in cash, 0.2425 shares of Eldorado Gold or a combination or 0.18188 shares of Eldorado Gold and C$0.30313 in cash. Eldorado has limited the total amount of shares it wants to issue to 77 million.
A buyout price of C$1.2125 means shareholders who bought after our first short article on Integra Gold in 2013 are now sitting on a 656% gain. Those who got in at C$0.18 after our initial site visit report in early 2014 are looking at a gain of 574%.
The offered price seems to be very reasonable and we would recommend you to tender your shares to Eldorado’s cash/stock offer or to sell on the open market. Congratulations!