Tuesday, mining company Goldcorp Inc. (GG,G.TO) revised its bid to acquire gold-miner Canplats Resources, Corp. (CPQ.V) to C$4.80 per share; matching Fresnillo plc (FRES.L) unit Minera Penmont's all-stock offer.
Goldcorp said that since it has matched Penmont's proposal, Canplats must enter into an agreement with Goldcorp and recommend the acquisition to its security holders. It also said that the Penmont proposal is of no further effect as Goldcorp has exercised its right to match. No termination, break or other fee is payable by Canplats to Penmont in respect of Goldcorp's exercise of its right to match.
Goldcorp and Penmont have been competing to acquire Canplats as the mining outfit is developing a lucrative project in Mexico called Camino Rojo, estimated to yield 3.4 million ounces of gold and 60.7 million ounces of silver.
With its new offer, Goldcorp will pay a consideration of C$4.80 per share, comprising C$4.60 in cash and the shares of a newly-formed company, holding Canplats' exploration properties with a notional value of C$0.20 per share.
Goldcorp said that its proposal is "superior" to Penmont's as the break-up fees Canplats would have to pay Goldcorp will be increased to C$10.2 million, consistent with the proposed terms of the Penmont proposal.
Canplats' shareholders will be voting on the offer on January 14.
GG closed Tuesday's regular trading session at $39.51, down $0.44 or 1.10%, on a volume of 5.25 million shares on the NYSE, while G.TO closed at C$41.13, down C$1.60 or 3.74%, on a volume of 1.40 million shares on the TSE. Rival FRES.L last traded at £791.50, £2.00 or 0.25%, on a volume of 464,178 shares on the LSE. CPQ.V closed at C$5.10, up C$0.14 or 2.82%, on the CVE.
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