Jaguar Mining Inc. (NYSE: JAG) has confirmed the receipt of proposals over the past few weeks. This was in response to media reports that it may be a takeover candidate under an unsolicited offer.
Jaguar noted, ” the Board of Directors has determined to initiate a strategic process to explore alternatives to maximize shareholder value. At this time, none of these proposals has progressed beyond the exploratory stage. The Board has retained financial and legal advisors to assist in this regard.”
Jaguar is one of those companies that is under-covered by analysts and it was one last year which had the most implied upside to the few targets that were available. Unfortunately, those old targets were far higher than the consensus target today of $6.78.
Due to the possible buyout or acquisition, Jaguar Mining shares are now up 46% at $7.89 and the stock hit a 52-week high of $8.18. The prior 52-week range before today was $4.03 to $7.58.
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