Pan American Silver (PAAS) NewsBite - PAAS Launches Buyout Offer For Aquiline Resources

Posted: Wednesday, October 14, 2009 10:05 AM EDT

Pan American Silver (NasdaqNM: PAAS) opened at $25.72. So far today, the stock has hit a low of $24.94 and a high of $25.75. PAAS is now trading at $25.02, down $0.90 (-3.47%). Over the last 52 weeks the stock has ranged from a low of $8.93 to a high of $26.70. PAAS announced this morning that it has made a formal takeover bid for exploration company Aquiline Resources. PAAS will offer Aquiline shareholders 0.2495 of a PAAS common share plus 0.1 of a PAAS common share purchase warrant for each Aquiline common share. Technical indicators for the stock are bullish and S&P does not currently have a STARS rating for PAAS. If you are looking for a hedged play on PAAS the stock seems like it could be a candidate for a November out-of-the-money bear-call credit spread above the 30 range. [ABR-Seven Summits Strategic Investments NewsBite]

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