American Eagle Gold (TSXV: AE) has abandoned its hostile pursuit of Pacific Booker Minerals (TSXV: BKM), terminating a takeover bid that still had nearly two months left to run before its scheduled expiry.
The decision, effective immediately, means none of the Pacific Booker shares tendered into the offer will be purchased, and deposited shares are being returned to holders. American Eagle had set the bid to expire on July 29, with the company walking from the effort well ahead of that deadline.
The offer, launched in mid-April without the support of Pacific Booker’s board, had been pitched directly to shareholders after what American Eagle described as two years of unanswered overtures dating back to early 2024.
The all-stock proposal offered 1.41 American Eagle shares for each Pacific Booker share, a structure that valued Pacific Booker at $1.76 per share and carried a 31% premium to the prior day’s close.
That implied a total equity value of roughly $31 million, with Pacific Booker holders set to own about 10% of the combined company.
RELATED: American Eagle Gold Goes Hostile with $31 Million Bid for Pacific Booker
American Eagle’s case rested on consolidating Pacific Booker’s long-stalled Morrison project with its own NAK copper-gold property into a single Babine District platform. The Morrison project has effectively been on hold since a failed 2012 permitting attempt, and American Eagle argued it needed repositioning rather than another standalone push.
Central to the approach was backing from the Lake Babine Nation, on whose traditional territory the Morrison project sits. American Eagle had framed that support as the most important factor behind the bid and reiterated its thanks to the Nation in announcing the withdrawal.
With the takeover shelved, the company says it will concentrate on a 55,000-metre drill campaign at NAK, where it is targeting added scale and additional high-grade zones.
A reason for walking away from the offer was not provided.
American Eagle Gold last traded at $1.14 on the TSX Venture.
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