Breaking News

Tweet TWEET

Jaguar Rises Most in a Month After Appointing Takeover Review

Jaguar Mining Inc. (JAG), target of a proposed takeover by China’s Shangdong Gold Group Co., jumped the most in a month after Jaguar said it would review any further bids.

Jaguar, which operates mines in Brazil, rose 8.4 percent to $6.08 at 11:27 a.m. in New York. The shares earlier rose as much as 10.3 percent, the most since Nov. 16.

The company appointed a committee of independent directors to evaluate offers and determine whether a sale would be more desirable than continuing to operate the company, Concord, New Hampshire-based Jaguar said in a statement yesterday.

Shandong Gold, parent of China’s second-largest gold producer by market value, made a $785 million offer to buy Jaguar, two people familiar with the deal said Nov. 16. Jaguar said the same day it had received “proposals” in recent weeks and that it had begun a strategic review to explore its options.

To contact the reporter on this story: Sonja Elmquist in New York at selmquist1@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.