S&P 500
7,618.20
-0.06%
Dow Jones
51,324.00
-0.09%
Nasdaq 100
30,684.80
-0.10%
Russell 2000
2,930.28
-0.10%
FTSE 100
10,382.00
-0.06%
Nikkei 225
68,624.20
+1.66%

Commodities & Metals

Silver Merger Formally Falls Apart (HL)

Photo of Jon C. Ogg
By Jon C. Ogg Updated Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Invalid Image
Hecla Mining Company (NYSE: HL) has had troubles of its own for a while.  After the U.S. Silver Corporation (traded in Canada, operating in Idaho) said that a sufficient number of its common shareholders have voted to approve a transaction with RX Gold & Silver, Hecla has announced the termination of its offer to acquire U.S. Silver.

Today’s news is probably of little shock considering that both proxy advisory firms ISS and Glass Lewis had previously recommended that U.S. Silver shareholders vote for combination transaction with RX Gold.  It was also worth noting that U.S. Silver asked its shareholders to reject the hostile bid from Hecla.

Hecla was quoted saying, “As previously disclosed, the Hecla Offer was conditional upon the proposed RX transaction not proceeding or such transaction otherwise terminating. All U.S. Silver common shares and common share purchase warrants previously tendered and not withdrawn under the Hecla Offer will be returned promptly in accordance with the terms of the tender offer.”

Hecla’s shares are down 0.8% at $4.66 on the day so far and the 52-week trading range is $3.70 to $8.10.  It seems that this has been of little surprise to anyone so far.

JON C. OGG

DISCLOSURE:
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org). Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 30 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees. Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org). There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event. Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options  Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement This should not be considered a recommendation to participate in IPOs and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation. New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For more information on the allocation process please visit IPO Allocation.
Follow 24/7 Wall St. on Google
Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

Continue Reading

What Hecla Really Gets With This Small Acquisition
Jon C. Ogg |

What Hecla Really Gets With This Small Acquisition

One trend that has been seen of late is that when companies make acquisitions, their shares have often been rising…

Chris Lange |

Is There Enough Arbitrage in the Alcatel-Lucent Nokia Merger?

This newly combined company would target roughly €900 million of operating cost synergies to be achieved on a full year…

Jon C. Ogg |

Dell Buyout Finally Arrives: Takeunder M&A for Many Holders

courtesy Dell Inc.Dell Inc. (NASDAQ: DELL) has finally announced that it has signed a definitive merger agreement under which founding…

Paul Ausick |

Michael Dell Sweetens Deal for His Namesake Company

courtesy of Dell The special committee of Dell Inc.’s (NASDAQ: DELL) board of directors has agreed to a new, sweetened…

Scholastic Terminates Dutch Auction Tender Offer
Chris Lange |

Scholastic Terminates Dutch Auction Tender Offer

Scholastic announced that it had terminated its offer to purchase up to $200 million of its common stock through a…

Will Hecla Earnings Drive Stock to New 52-Week High?
Paul Ausick |

Will Hecla Earnings Drive Stock to New 52-Week High?

Hecla Mining reported better-than-expected second-quarter 2016 results before markets opened Thursday morning.

Douglas A. McIntyre |

Biomet Capitulates In Merger Fight, Accepts $46.00 Private Equity Buyout

Biomet, Inc. (BMET-NASDAQ) has recived and accepted a higher buyout price for shareholders.  The company announced that it has unanimously…

Paul Ausick |

Silver Miner Hecla Posts Surprise Profit

Hecla Mining reported fourth-quarter and full-year 2014 results before markets opened Wednesday morning.

Jon C. Ogg |

Carl Icahn Steps Up the Activist Investor Fight in Dell Buyout

courtesy of DellActivist Investor Carl Icahn is keeping up his hard court press against Michael Dell. Icahn said last week…

Top Gaining Stocks

Hewlett Packard Enterprise
HPE • Vol: 153,197,465
Enphase Energy
ENPH • Vol: 8,360,053
Corning
GLW • Vol: 18,152,646
Alexandria Real Estate Equities
ARE • Vol: 4,337,015
Aptiv
APTV • Vol: 6,761,325

Top Losing Stocks

Trade Desk
TTD • Vol: 21,905,513
Intuit
INTU • Vol: 7,383,018
Coterra Energy
CTRA • Vol: 73,319,495
Cboe Global Markets
CBOE • Vol: 5,000,011
HP
HPQ • Vol: 29,259,826