Pan American president and CEO Michael Steinmann said the merged company had an industry-leading portfolio of assets, a robust growth profile and attractive operating margins.

"We are also now the largest publicly traded silver mining company by free float, offering silver mining investors enhanced scale and liquidity," he said.

In a likely reference to Tahoe's former flagship Escobal silver mine in Guatemala, which has been suspended since July 2017 with a court ordering further consultations, Steinmann said Pan American welcomed "the opportunity to work with local communities around the new operations for the benefit of all stakeholders".

Holders of 23.66 million Tahoe shares had opted to receive US$3.40 in cash, and holders of 290.2 million elected, or were deemed to elect, the option of 0.2403 of a Pan American share.

However Pan American said since the number of cash elections were less than the aggregate cash consideration defined in November, Tahoe shareholders who were deemed to make the share election would receive about 19.7% or 67c per Tahoe share in cash and 0.1929 of a Pan American share. 

All Tahoe shareholders would also receive one contingent value right (CVR) per share, which could be exchanged for 0.0497 of a Pan American share on the first commercial shipment of concentrate after the Escobal restart.

Once the CVR conditions were met, Pan American and Tahoe shareholders would own about 68% and 32% of the combined company.

Meanwhile, Pan American said it had amended its revolving credit facility, led by the Bank of Nova Scotia and the Canadian Imperial Bank of Commerce, increasing it by US$200 million to $500 million.

It said it had drawn down $301 million of the facility to fund the cash purchase of Tahoe shares and to repay Tahoe's revolving credit facility where $125 million had been drawn.

Tahoe shares are expected to be delisted from the TSX tomorrow and from the New York Stock Exchange at the close on March 4.

Pan American shares have ranged from C$16.05-$24.22 over the past year.

They closed down 1.2% on Friday to $18.78 to capitalise it at $2.9 billion.