Toronto-based Agnico Eagle Mines Limited completed its acquisition last week of TMAC Resources Inc., just weeks after the federal government denied China’s Shandong Gold Mining Co. Ltd.’s deal on national security grounds.

Davies acted for Agnico Eagle in the all-cash acquisition, which was completed via an unprecedented assignment of an arrangement agreement between Shandong Gold and TMAC under a court-approved plan of arrangement.

The deal, worth approximately C$287 million in equity value plus the assumption of approximately US$135 million in debt, involved the purchase of all of TMAC’s shares for an increased offer price of C$2.20 per share, representing a 26% premium on Shandong’s offer.

The acquisition is considered a positive outcome for all stakeholders. Agnico Eagle is a global leader in mining and has a great track record of success in Nunavut with resident communities, employees and the environment.

The Davies team working on the transaction included Patricia Olasker, Jennifer Longhurst, Emily Uza, Ghaith Sibai and Michael Rafalovich (M&A); Jim Dinning and Dajena Pechersky (Competition); Matthew Milne-Smith (Dispute Resolution); and Chris Anderson and Ryan Wolfe (Tax).