Eldorado Gold (EGO) trades 6.6% lower in premarket action after announcing it snapped up European Goldfields (EGFDF.PK) for a cool ~C$2.5B. Bloomberg reports the bid price came in a little pricey at 5.1X European Goldfields' assets vs. 2.2X for 10 comparable deals in the gold sector.
Eldorado Gold (EGO) announced yesterday it will acquire European Goldfields (EGFDF.PK) for ~C$2.5B. The deal enhances Eldorado's project pipeline and creates a "premier high growth, low cost intermediate gold producer" with a market cap of C$11B. (previously)
European Goldfields (EGFDF.PK +21%), a developer of mines in Greece, skies after a report of it being approached by Eldorado Gold (EGO) about a takeover. The move could throw into question plans by Qatar Holding, LLC to buy a stake in Goldfields.