Mines Management (MGT-T) May 26, '16 Milberg LLP is investigating possible breaches of fiduciary duty and other violations of law in connection with the proposed acquisition of Mines Management to Hecla Mining Company (HL-NY).
On May 24, 2016, Mines Management and Hecla announced a merger agreement with Hecla acquiring Mines Management. In the proposed merger, each outstanding common share of Mines Management will be exchanged for 0.2218 of a common share of Hecla. This represents approximately $0.94 per share when based on the closing price of Hecla stock on the last business day prior to the merger announcement. However, the approximately $0.94 merger consideration is substantially below at least one analyst target price of $4.00 per share.
Milberg LLP's investigation is focusing on the potential unfairness of the consideration being provided to Mine Management's stockholders and the process by which Mine Management's Board of Directors considered and approved the proposed deal.
Concerned investors are invited to contact the Milberg attorneys listed below to discuss the investigation, their rights, and/or potential remedies.
Founded in 1965, Milberg LLP was one of the first law firms to prosecute class actions in federal courts on behalf of investors and consumers and has been representing investors and consumers for more than four decades, and has recovered billions of dollars on behalf of aggrieved stockholders and consumers in complex class and derivative litigation nationwide. Milberg LLP, with offices in Manhattan, Los Angeles and Detroit, is widely recognized as a leader in defending the rights of victims of corporate and other large-scale wrongdoing, serving as lead counsel in federal and state courts throughout the United States. For more information, please visit the firm website at www.milberg.com.
Contacts:
Milberg LLP
Kent A. Bronson
kbronson@milberg.com
Joshua Keller
jkeller@milberg.com
(212) 594-5300
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May 24, '16 - NR
Mines Management (MGT-T) and Hecla Mining today announced a merger agreement with Hecla acquiring Mines Management. In the proposed merger, each outstanding common share[1] of Mines Management will be exchanged for 0.2218 of a common share of Hecla. This represents a 41% premium to Mines Management, using both companies' 10 day VWAP (Volume Weighted Average Price) on May 20, 2016. The transaction is expected to close in the third quarter, 2016. The transaction is subject to approval by Mines Management shareholders and other closing conditions.
Following closing of the merger, Hecla intends to advance the evaluation program of Montanore. Located in northwestern Montana, Montanore is considered one of the largest undeveloped silver and copper deposits in North America. The project is approximately 10 miles from Hecla's Rock Creek project and 50 miles north of Hecla's Lucky Friday Mine in Idaho.
"The Montanore Project has been significantly advanced by Mines Management and, with the issuance of the final Environmental Impact Statement and Records of Decision early this year, now is the time to pass it on to Hecla to further advance the project and put it into production," said Glenn Dobbs, Mines Management's CEO and Chairman.
"Hecla is the logical company to move Montanore forward, with its close proximity to Rock Creek, as well as its similar geology and scale," said Phillips S. Baker, Jr., Hecla's President and CEO. "We have considerable experience operating Greens Creek in a National Monument which will, combined with our financial strength and commitment to the community and environment, help Montanore reach its full potential."
About Mines Management
Mines Management, Inc. is engaged in the business of exploring, and if exploration is successful, developing mineral properties containing precious and base metals. The Company's primary focus is on the advancement of the Montanore silver-copper project located in northwestern Montana.
For further information, please contact:
Douglas Dobbs
President, Mines Management, Inc.
(509)838-6050
info@minesmanagement.com |
