Coeur Mining Stock Retreats on $1.7 Billion SilverCrest Deal

Dow Jones10-05

By Dean Seal

Shares of Coeur Mining fell after the company agreed to acquire Canadian miner SilverCrest Metals in a $1.7 billion all-stock deal.

The stock was down 6.9% at $6.60 on Friday. Shares have still doubled since the start of the year.

The Chicago-based Coeur said it would offer just over 1.6 of its shares for each share of SilverCrest, implying a valuation of $11.34 per share for SilverCrest.

The valuation has lifted SilverCrest shares 12% to $10.40 amid the decline for Coeur stock, which has had a huge year. Shares have doubled thus far in 2024 and tripled over the past 52 weeks, even with Friday's small selloff.

If completed, SilverCrest shareholders will own about 37% of the combined company and Couer investors will own the balance.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

October 04, 2024 12:16 ET (16:16 GMT)

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