Coeur d’Alene Mines Corp. (NYSE: CDE) offered to buy Orko Silver Corp. (NSX: OK) in a deal valued at $381.9 million.

First Majestic Silver Corp. had already agreed to buy the company for $384.9 million in December, but Orko determined that Coeur’s offer was better. First Majestic has until Feb. 19 to respond.

Orko, headquartered in Vancouver, develops silver deposits, and is currently working on a project in Durango State, Mexico.

Coeur is a silver and gold producer based in Coeur d’Alene, Idaho. The company has four precious metal mines in the Americas, in Mexico, Bolivia, Nevada and Alaska.

JP Morgan is Coeur’s financial adviser, while Fasken Martineau DuMoulin LLP and Gibson Dunn & Crutcher LLP are the company’s legal counsel.

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