Creston Moly Corp (CMS.V) has edged up and closer to a near 45 month high of 60 cents struck Tuesday after Mercator Minerals Ltd (ML.TO) said it had agreed to buy Creston Moly in a cash and stock deal valued at about $195 million. ML is also up 1 cent, at $3.37. More than 10.4 million CMS shares have traded.
Under the terms of the deal, Creston shareholders will get 0.15 of a common share of Mercator and 8 cents in cash for each share held. That is equivalent to about 63.35 cents a share, or a 38% premium to Monday’s close, Reuters said.