Peru's Alpayana Launches C$179M Bid to Take Over Canada's Sierra Metals

Dow Jones12-16

By Adriano Marchese

Peruvian mining company Alpayana intends to make an all-cash takeover offer worth about 179 million Canadian dollars (US$126 million), for miner Sierra Metals.

Privately held Alpayana said Monday it intends to launch a bid to buy up all of Sierra Metals' shares for 85 Canadian cents apiece, and was taking its offer directly to Sierra shareholders.

Alpayana said this offer represents a 26% premium to the average trading price of C$0.676 a share over the 30 trading days prior to Dec. 13. It represents a 10% premium to Sierra's Friday closing share price of C$0.77. Sierra's stock had risen 2.7% since the start of the year.

Alpayana said that the company will be better off under its own stewardship, a family company which it said carries no debt and has annual revenue of over $500 million.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

December 16, 2024 08:57 ET (13:57 GMT)

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