yamana gold inc has entered into an arrangement agreement to be bought by pan american silver corp and sell certain subsidiaries and partnerships to agnico eagle mines ltd in a cash and stock deal with a consideration value of 48 billion pan american and agnico said tuesday that yamanas board had previously determined that their transaction was the superior proposal while it was considering an original proposal by south africabased gold miner gold fields gold fields in june proposed a deal that valued yamana at 67 billion offering a 338 premium to the volumeweighted price for yamana at the time on nov 4 yamana was then approached with a new bid by pan american and agnico eagle which offered 1 billion in cash contributed by agnico eagle 361 million of its common shares and 1535 million common shares of pan american the transaction would see pan american acquiring all of the issued and outstanding common shares of yamana while yamana would sell certain subsidiaries and partnerships which hold interests in its canadian assets to agnico eagle including the canadian malartic mine in quebec in which agnico eagle currently has a 50 jointventure stake following the two companies bid gold fields waived its righttomatch under their agreement repeating its claim that its original offer remained the superior bid but it hasnt yet terminated its agreement with yamana and yamana isnt yet legally permitted to do so the yamana board now unanimously recommends that its shareholders vote against the arrangement with gold fields at a shareholder meeting on nov 21 its deal with pan american and agnico would only take effect if shareholders dont vote against the deal or if gold fields chooses not to terminate its agreement if it does terminate the deal yamana would be liable to pay a termination fee of 300 million to gold fields