The offer comprises 153.5 million Pan American Silver shares, 36.1 million Agnico Eagle shares and $1bn in cash.
Pan American offered to acquire all of Yamana Gold’s issued and outstanding common shares.
Yamana Gold would offload certain subsidiaries and partnerships that own stakes in its assets in Canada to Agnico Eagle.
Subsequently, Yamana Gold’s board has determined the latest joint offer to be superior and informed that Gold Fields holds the option to improve its existing offer in five business days.
According to the all-stock deal signed in May 2022, Gold Fields agreed to acquire Yamana Gold for $5bn (C$6.5bn).