Tahoe to buy smaller gold miner Rio Alto

Mon Feb 9, 2015 7:18am EST
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TORONTO Feb 6 (Reuters) - Canadian gold miner Tahoe Resources Inc said on Monday it has agreed to acquire smaller rival Rio Alto Mining Ltd in a cash and share deal, in a bid to expand its presence in Latin America and create a larger precious metals miner.

Tahoe said its offer values Rio Alto at C$4 a share, a 22.1 percent premium to Rio Alto's closing price of C$3.28 a share on Friday on the Toronto Stock Exchange.

(Reporting by Euan Rocha; Editing by Chizu Nomiyama)