Having recently teamed up with Yamana to buy out producer Osisko, Agnico are bidding for relatively early stage explorer Cayden Resources for $205m (approx $3.79/share - not on chart below).
Cayden's stock has been well supported for some time following high grade, near surface, discoveries at El Barqueno in Jaliso, Mexico, but the buyout is well ahead of defined mineral reserves and economic studies.
Management are large holders and support the bid so presumably have taken a view that this is not the environment to seek to add further value above $200m through continued financing for exploration success.
Morelos Sur in Guerrero is proximate to an increasingly active area with Goldcorp's Los Filos mine and developments, Torex's large advanced projects and Osisko Royalties large exploration package.
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