as i had expected we might see something like this,,my hope though that gg offers way more for wht!!!
time will tell...now till the 24th...
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Glamis predicts new offer will succeed
By Leslie Wines, MarketWatch
Last Update: 9:24 AM ET Feb. 7, 2005
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NEW YORK (MarketWatch) - Glamis Gold on Monday launched a new assault to acquire Canadian miner Goldcorp, lifting its bid price ahead of a key shareholder vote on a rival transaction preferred by the Goldcorp board.
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The revised stock-swap offer is 0.92 common share of Glamis for each Goldcorp share, up from a previous offer of 0.89 per share. The previous bid was valued at $3.4 billion.
Glamis Gold said the revised offer represents additional value to Goldcorp shareholders of 49 cents per Goldcorp share,
Toronto-based Goldcorp's (GG: news, chart, profile) board has urged shareholders to vote against the Glamis Gold (GLG: news, chart, profile) offer and in favor of Goldcorp's friendly $2.2 billion all-stock takeover offer for Vancouver's Wheaton River Minerals (WHT: news, chart, profile) .
However, Kevin McArthur, chief executive of Glamis Gold, said, "We strongly believe that this increase will convince a majority of shareholders to vote against the Wheaton River transaction at the Goldcorp shareholders' meeting, and to tender their shares to Glamis' enhanced premium offer."
McArthur also said the latest offer would be Glamis' final one.
Goldcorp shareholders are scheduled to vote on the Wheaton River Minerals transaction on Thursday.
Goldcorp board urged shareholders to defeat the Glamis Gold offer on Jan. 21. However, two board members abstained from the vote.
Goldcorp's board defended the preference for the Wheaton River transaction on the grounds that deal would be highly accretive to earnings and the resulting combination would have a lower risk profile than a merger of Glamis and Goldcorp.
Glamis, of Reno, Nev., announced its bid for Goldcorp on Dec. 16, just 10 days after Goldcorp and Wheaton River agreed to a merger.
On Friday in U.S. trading, Glamis Gold rose 46 cents to $16.36, Goldcorp dropped 7 cents to $13.89, and Wheaton River Minerals increased 1 cent to $
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