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The group said its decision reflects the fact that it has not been possible to conclude the independent valuation of MAG required under Canadian securities laws in order to permit the offer to proceed. "Fresnillo considers that the document production order as issued by the OSC will require significant time, effort and money to be expended, without knowing even at this time (after more than 200 days since the Offer was announced) whether a valuation will ever be received or the Offer can ever be made," said the group. "These risks to the successful completion of the transaction have resulted in Fresnillo's decision to withdraw its Offer for MAG immediately," it added. In February, Fresnillo's subsidiary Fresbal asked the Ontario Securities Commission to review silver miner MAG Silver's decision to suspend work on the valuation of an offer for MAG. In December, MAG said it hired an independent valuator to value the business after Fresbal Investments made an offer to buy the remaining shares of MAG Silver. But on 1 February, MAG's independent committee instructed its valuator to suspend all work on the formal valuation being prepared in connection with Fresbal's offer.
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