Yamana to Buy Viceroy

Shares of Viceroy surge more than 20%.
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Viceroy Exploration

(XVE)

soared on news that

Yamana Gold

(AUY) - Get Report

has agreed to acquire the Vancouver-based mineral-exploration company.

Yamana is offering 0.97 shares for each Viceroy share. The value of the transaction is C$10.86, or about $9.72 a Viceroy common share, representing a premium of 25.5%.

Viceroy gained $1.78, or 23.1%, to $9.48 recently. Yamana was off 30 cents, or about 3% to $9.75.