Goldcorp Inc. (G.TO,GG) Thursday said it has formally commenced an offer to acquire Exeter Resource Corp. (XRC.TO,XRA), supported by the board of directors of Exeter.
Goldcorp announced its planned acquisition of Exeter on March 28.
Exeter shareholders will be entitled to receive 0.12 of a common share of Goldcorp for each Exeter common share held. The price represents a premium of 67% based on Goldcorp's and Exeter's closing prices on the Toronto Stock Exchange on March 27, the last day of trading prior to the joint announcement of the acquisition.
The total consideration being offered for all of the issued and outstanding shares of Exeter is approximately C$247 million.
The company said the offer will be open for acceptance until 5:00 p.m. EDT on May 26, 2017, unless extended or withdrawn.
by RTT Staff Writer
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