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Canadian miner AuRico Metals adopts poison pill

Reuters

(Reuters) - Canadian miner AuRico Metals Inc (Toronto:AMI.TO - News) said it would adopt a poison pill that prevented anybody from buying more than 20 percent of the company.

AuRico Metals was formed as a spinoff company after Canadian gold miners Alamos Gold Inc and AuRico Gold Inc merged in a $1.5 billion deal earlier this year.

The merged company retained the Alamos Gold (Toronto:AGI.TO - News) name and owns a 4.9 percent stake in AuRico Metals. The rest is owned by former Alamos Gold and AuRico Gold shareholders.

AuRico Metals said on Wednesday it agreed to waive the restriction on Alamos from acquiring more than 5 percent of AuRico Metals' shares.

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AuRico Metals said the rights plan was not adopted in response to any specific proposal to acquire control of the company and is not intended to block take-over bids.

AuRico Metals owns the copper and gold Kemess development project in British Columbia and three royalty assets.

(Reporting by Anannya Pramanick in Bengaluru; Editing by Sayantani Ghosh)