Now what happens? Other than the market likes it. LOL
De Beers extends take over bid to August 15, 2000
VANCOUVER, July 24 /CNW/ - Winspear Diamonds Inc. (WSP-TSE) announced
today that Winspear and De Beers have agreed that De Beers will extend the
expiry time of its take over bid offer to 5:00 p.m. (Vancouver time) on
Tuesday, August 15, 2000. The Winspear Board of Directors have agreed to waive
the application of Winspear's Shareholders' Rights Plan in relation to the
offer from De Beers effective August 14, 2000.
Both Winspear and De Beers have also agreed to withdraw their pending
applications before the British Columbia Supreme Court and the British
Columbia Securities Commission, respectively.
The Board of Directors of Winspear have recommended that shareholders
reject the De Beers offer. Winspear's Board is continuing to consider all
alternatives to maximize shareholder value.
De Beers and Winspear Reach Agreement on Waiver of Shareholder Rights Plan and Extension of Offer
VANCOUVER, July 24 /CNW/ - De Beers announced today that it has reached
agreement with Winspear Diamonds Inc. under which Winspear will, effective
5:00 p.m. Vancouver time, Monday, August 14, 2000 waive the application of its
shareholder rights plan to the De Beers offer. De Beers has also agreed to
extend the expiry date of its offer from Friday, July 28, 2000 to Tuesday,
August 15, 2000, 5:00 p.m. Vancouver time.
Additionally, Winspear has agreed not to proceed with a petition filed
with the Supreme Court of British Columbia, and De Beers has agreed not to
proceed with its application filed July 21, 2000 with the British Columbia
Securities Commission.
De Beers has made an all cash offer of $4.25 per common share to acquire
the common shares of Winspear. |
