The bidding war for Canadian mineral exploration company Canplats Resources Corp. (CPQ.V) is getting hotter. Hours after Minera Penmont S. de R.L. de C.V. submitted an offer to acquire Canplats that trumps an earlier bid by Goldcorp Inc. (GG), Canada-based gold producer Goldcorp responded by saying it has right for a period of five business days to match the Penmont bid. Penmont is a joint venture of Mexico-based Fresnillo plc (FRES.L), the world's largest primary silver producer, and Newmont Mining Corp. (NEM).
Goldcorp, which had in November submitted its offer to acquire Canplats for about C$238 million., said it is considering its position with respect to the Penmont offer and its matching right, and will keep the market apprised of further developments.
Goldcorp said that if it elects to match the Penmont bid, Canplats must enter into an agreement with it to reflect the amended terms of the transaction and must recommend that the stockholders of Canplats approve the amended deal. Further, the company said that the Penmont proposal will be of no further effect once Goldcorp exercises its right to match. No termination, break or other fee will be payable by Canplats to Penmont in respect of Goldcorp's exercise of its right to match, the company noted.
Goldcorp has a period up to December 31 to offer to amend the terms of its agreement with Canplats. Penmont, owned 56% by Mexico-based Fresnillo Plc (FRES.L), and 44% by Newmont, submitted a binding proposal earlier on Wednesday to acquire all of the common shares of Canplats for C$4.40 per share, or about C$254 million. Fresnillo is the world's largest primary silver producer and Mexico's second largest gold producer, while Newmont is one of the world's largest gold producers. The offer calls for each Canplats shareholder receiving C$4.20 in cash and also shares of a new exploration company with a notional value of C$0.20. Under the terms of the proposed offer, the new exploration company would hold C$10 million in cash as well as Canplats' Rodeo, El Rincon, Mecatona, Maijoma and El Alamo properties.
Penmont's offer price represents a premium of 84% to the 20-day volume weighted average trading price of the Canplats common shares on the TSX Venture Exchange prior to the announcement by Canplats that it had entered into the Goldcorp Agreement, and a premium of 38% to the implied value of the proposed Goldcorp transaction based on the closing price of the common shares of Goldcorp on the Toronto Stock Exchange on December 22, 2009.
Penmont owns the operating Herradura mine and the nearly complete Soledad and Dipolos project, both located in Sonora, Mexico.
Canplats then disclosed that its board of directors has determined that the proposed deal with Penmont is a "superior proposal" and has provided notice of such determination to Goldcorp. The company also noted that the Penmont offer includes a break fee of C$9.3 million, payable to Penmont in certain circumstances.
Further, Canplats said that if Goldcorp does not offer to amend its agreement, or if the proposed Penmont transaction continues to be superior to an amended transaction proposed by Goldcorp, Canplats intends to pay Goldcorp the agreed termination payment of C$7.2 million.
On November 16, Goldcorp had announced an agreement to acquire all of the outstanding common shares of Canplats for about C$238 million. Under the deal, each Canplats share will be exchanged for 0.074 of a common share of Goldcorp and a 90.1% interest in a new exploration company with a value of C$0.18 per share. Consequently, all the shares of the newly-incorporated company, other than a 9.9% equity interest to be retained by Goldcorp, will be distributed to Canplats shareholders.
The offer represents a combined value of C$3.60 per share or a premium of around 41% over Canplats shares' closing price of C$2.55 per share on Friday, November 13, 2009. Following the acquisition, Vancouver-based Goldcorp would assume ownership of Canplats' Camino Rojo Project, located nearly 50 kilometres southeast of Goldcorp's Penasquito mine. The Camino Rojo project hosts measured and indicated resources estimated at 3.44 million ounces of gold and 60.7 million ounces of silver at the Represa Zone, with additional inferred resources of 0.56 million ounces of gold and 7.6 million ounces of silver.
Canplats engages in the acquisition, exploration, and development of mineral resource properties in Mexico. It explores primarily gold, silver, zinc, lead, and precious metals.
GG closed Tuesday's regular trading on the NYSE at US$38.50, up US$0.22 on a volume of 7.27 million shares. The stock has been trading in a range of US$23.02-US$46.24 in the past 52 weeks.
CPQ.V closed Tuesday's regular trading session at C$3.15, down C$0.04 on a volume of 0.12 million shares. In the past 52 weeks, the stock has been trading in a range of C$1.40-C$3.68.
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