EUROPEAN GOLDFIELDS $11.95 (Toronto symbol EGU; TSINetwork Rating: Speculative) (44 (20) 7408 9534; www.egoldfields.com; Shares outstanding: 183.8 million; Market cap: $2.2 billion; No dividends paid) is now the subject of a friendly takeover bid from Eldorado Gold (symbol ELD on Toronto). The offer is for 0.85 of an Eldorado share and $0.0001 in cash for each European Goldfields share. European Goldfields’ board of directors has approved the takeover.
European Goldfields’ Skouries and Olympias gold projects in Greece and its Certej project in Romania would be good fits for Eldorado, which has mines in Greece and Turkey.
Eldorado Gold is now trading at $14.20, which makes the cash and share portions of its offer worth a combined $12.07 per European Goldfields share. European Goldfields is trading just below that price, which indicates that many investors are not expecting a higher offer. However, European Goldfields says it received proposals from a number of potential buyers earlier this year, so a rival bid could still emerge.
We’ll say more as the takeover progresses. For now, European Goldfields is a hold.
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