http://www.reuters.com/article/marke...

Some highlights:

MAG Silver Corp (MAG.TO: Quote, Profile, Research, Stock Buzz) (MVG.A: Quote, Profile, Research, Stock Buzz) scoffed on Thursday at Fresnillo Plc's (FRES.L: Quote, Profile, Research, Stock Buzz) hostile takeover attempt, calling it a "take-under" bid because it came in below MAG's stock price from the day before.

Fresnillo, which hiked its MAG stake to 19.8 percent in October, offered $4.54 a share on Monday for the stake it does not already own. On the previous trading day, MAG stock closed at $4.75 on Amex.

Vancouver, British Columbia-based MAG will form a special committee to assess the bid and likely will not respond until late January, Chief Executive Dan MacInnis said in an interview.

"It's opportunistic. The commodity sector has been hammered over the last several months with liquidation at all costs, any cost. And that, I think, is what has prompted the bid," said MacInnis. "We've been beaten up badly, as has everybody. We were trading at $15 a little less than year ago."

"We have at this moment about C$58 million in the kitty, so we're in good shape actually. We're not teetering on the edge by any means," MacInnis told Reuters.

"We have more than enough money to defend ourselves, if you like, and carry out our programs, meet all of our commitments for the next three years at least."

Raymond James analyst Bart Jaworski said Fresnillo's offer significantly undervalues MAG, calling it a "stink bid".

"We encourage long-term investors to reject the offer and buy shares of MAG-TSX on budding buyout potential and exploration at Juanicipio and Cinco de Mayo," he said in a note.