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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: Peter Bourgeois who wrote (6134)8/14/2000 10:00:51 AM
From: DennyKrane  Read Replies (1) of 7235
 
Monday August 14, 9:59 am Eastern Time

Winspear agrees to increased De Beers bid

TORONTO, Aug 14 (Reuters) - In a surprising turnaround, the directors of Canada's
Winspear Diamonds (Toronto:WSP.TO - news) agreed on Monday to sell the company De
Beers for C$5 cash a share after putting up a vigorous fight to fend off the global diamond
leader's earlier hostile bid.

De Beers, targeting Winspear's promising diamond project in Canada's North, on Monday raised its bid for Winspear to
C$5.00 from C$4.25 per share and extended the offer to midnight Vancouver time (0700 GMT) on Tuesday. Winspear said
the revised bid was worth a total of C$305 million ($206 million), up from C$259 million originally.

Winspear said in a joint statement with De Beers that its board unanimously supported the deal and that directors would
deposit shares amounting to about 15.4 percent of the company's total share float to the De Beers offer.

``We are extremely pleased that we have been able to reach this agreement,'' said Richard Molyneux, president and chief
executive for De Beers Canada in a statement. ``We feel the transaction offers excellent value for Winspear shareholders and
thank Randy Turner and the Winspear board for working with us to conclude an agreement that has their support.''

The offer is conditional upon De Beers receiving at least 50.1 percent of Winspear shares. Winspear has agreed not to solicit
any competing offers and to pay De Beers a break
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