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Goldcorp Matches Penmont Bid for Canplats

Thu, Dec 24, 12:11 PM ET, by The Gold Stock Strategist

Yesterday, Canada-based Goldcorp Inc. (GG) announced it had been notified by Canplats Resources Corp. ((CPQ).CA) (CPQRF) that it received a $254 million buy-out offer from Minera Penmont that is higher than Goldcorp's earlier bid of $238 million.

Today, Goldcorp announced it has matched the competing proposal. Under the terms of Goldcorp's matching proposal, Canplats is required to enter into an agreement with Goldcorp to reflect the amendments and recommend Canplats shareholders approve the buyout by Goldcorp. Under the terms of the Penmont proposal, because Goldcorp has exercised its right to match Penmont, the proposal is no longer in effect. No fees are payable by Canplats to Penmont.

If Goldcorp had not matched or outbid Penmont, Canplats would owe Goldcorp a contractual termination payment of $7.2 million.

Penmont is jointly owned by Fresnillo PLC and Newmont Mining Corp. (NEM). The company offered $4.20 cash and shares in a new exploration company worth 20 cents per share for every Canplats share.

Canplats' main focus is the development of the Camino Rojo discovery in Mexico. The Represa deposit at Camino Rojo has 3.4 million ounces of gold and 61 million ounces of silver on a measured and indicated resources basis.

Penmont is owned 56 percent by Mexico-based Fresnillo Plc, and 44 percent by Newmont. Fresnillo is Mexico's second largest gold producer and the world's largest primary silver producer. Newmont is the world's second largest gold producers.

This Article's Word Cloud:   Camino   Canada   Canplats   Corp   Fresnillo   Goldcorp   Mexico   Newmont   Penmont   Represa   Rojo   Today   Under   Yesterday   agreement   amendments   announced   based   basis   because   buyout   company   contractual   deposit   development   enter   gold   higher   jointly   largest   match   matched   million   ounces   owned   percent   producer   proposal   right   second   share   shareholders   shares   silver   termination   terms   that   with   world   would

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