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Sprott Goes Hostile in Bid for Canadian Metal Trusts

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Sprott Asset Management LP plans to make an unsolicited offer to buy Central GoldTrust and Silver Bullion Trust for $898 million, saying the precious-metals companies are undervalued.

The share swap by Sprott, a Toronto-based money manager that focuses on gold and silver, represents an 8.3 percent premium to the trusts’ combined market value of $829 million, based on Wednesday’s closing price.