Agnico-Eagle (NYSE:AEM) Buying All of Comaplex (TSE:CMF)

Agnico-Eagle (NYSE:AEM) (TSE:AEM) announced it has reached an agreement to buy the rest of the shares of Comaplex Minerals (TSE:CMF) it doesn't now own for close to $650 million.

The agreement, which was announced in general last month, will have each shareholder of Comaplex other than Agnico-Eagle receive 0.1576 of an Agnico-Eagle share per Comaplex Minerals share. In addition to that, each Comaplex Minerals shareholder other than Agnico-Eagle and Perfora Investments S.a.r.l. will receive one common share of a new subsidiary for each Comaplex Minerals share.

Perfora owns close to 17.3 percent of Comaplex, while Agnico-Eagle owns 12.3 percent, bringing the cost of the shares to just under $650 million.

Approximately 25.7 percent of Comaplex's shareholders have agreed to the deal at this time. The deal should close in July if approved.

Agnico-Eagle (TSE:AEM), Comaplex Minerals (TSE:CMF), Extend Exclusivity Period

Agnico-Eagle (TSE:AEM) and Comaplex Minerals (TSE:CMF) announced they've extended the exclusivity period under the previous agreemtned between the two companies in order to provide more time for required documentation and finish due diligence.

The exclusivity period was originally to end on April 19, 2010, but will now extend to May 3, 2010.

The purpose of the period is to deal with the acquisition of the rest of the shares of Comaplex Minerals which Agnico-Eagle already doesn't own.

A number of usual legal hurdles remain before the deal goes through, once the period is over, including approval from the boards, court, regulators and sharholders.