First Majestic acquires Orko Silver for $387 million in friendly deal

December 16, 2012 - 10:20 PM

VANCOUVER - First Majestic Silver Corp. is strengthening its presence in Mexico by acquiring Orko Silver Corp. for $387 million.

The friendly acquisition will give First Majestic (TSX:FR) access to Orko's (TSXV:OK) large silver deposits in the state of Durango.

The offer values each Orko share at $2.72, a premium of more than 70 per cent over its closing price of $1.58 on Friday.

Both companies say the transaction would be attractive to their respective shareholders.

The deal still needs shareholder and regulatory approvals.

Both companies are based in Vancouver.

News from © The Canadian Press, 2012

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