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Pan American Silver Closes Acquisition of Tahoe Resources.

M2 EQUITYBITES-February 26, 2019-Pan American Silver Closes Acquisition of Tahoe Resources

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26 February 2019 - Canadian silver miners Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) and Tahoe Resources Inc. (TSX: THO) (NYSE: TAHO) have completed a transaction whereby Pan American acquired all of the issued and outstanding shares of Tahoe, the companies said.

Last November, Pan American Silver and Tahoe Resources Inc. (NYSE: TAHO) (TSX: THO) entered into a definitive agreement for Pan American to acquire all of the outstanding shares of Tahoe pursuant to a plan of arrangement.

Under the deal, Tahoe shareholders may elect to receive CDN 3.40 in cash or 0.2403 Pan American shares for each Tahoe share, subject in each case to pro-ration based on a maximum cash consideration of CDN 275m and a maximum number of Pan American shares issued of 56m, totaling CDN 1,067m.

The base purchase price represents a premium of 34.9% to Tahoe's volume weighted average price for the 20-day period ending on November 13, 2018.

It is anticipated that the special shareholder meetings of Tahoe and Pan American shareholders to consider the transaction will be held in January 2019. The Transaction is expected to close in 1Q19.

Pan American Silver Corp. is the world's second largest primary silver producer, providing enhanced exposure to silver through a diversified portfolio of assets, large reserves and growing production. We own and operate six mines in Mexico, Peru, Argentina and Bolivia.

Founded in 1994, the company is headquartered in Vancouver, B.C. and our shares trade on NASDAQ and the Toronto Stock Exchange under the symbol "PAAS."

Tahoe Resources is a mid-tier precious metals company with a diverse portfolio of mines and projects in Canada, Guatemala and Peru. Tahoe is led by experienced mining professionals dedicated to creating sustainable value for all of its stakeholders through responsible mining.

BMO Capital Markets and Trinity Advisors Corp. have each provided a fairness opinion to the Independent Committee of the board of directors of Tahoe.

CIBC World Markets Inc. and TD Securities have each provided a fairness opinion to Pan American's board of directors.

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Publication:M2 EquityBites (EQB)
Date:Feb 26, 2019
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