Pan American Silver (NASDAQ: PAAS - option chain) stock is trading lower today after announcing this morning that it has made a formal takeover bid for exploration company Aquiline Resources (TSX: AQI). PAAS will offer Aquiline shareholders 0.2495 of a PAAS common share plus 0.1 of a PAAS common share purchase warrant for each Aquiline common share. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on PAAS.This morning, PAAS opened at $25.71. So far today the stock has hit a high of $25.75 and a low of $24.35. As of 11:40, PAAS is trading at $24.52, down $1.40 (-5.4%). The chart for PAAS looks bullish.
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