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Politics : Gold and Silver Stocks and Related Commentary

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From: loantech	12/25/2004 9:45:27 AM
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rgj.com Glamis Gold Ltd. of Reno confirmed on Friday its intention to proceed with its proposed takeover bid to acquire Goldcorp Inc. Glamis first announced its intention to make its bid Dec. 16, offering Goldcorp shareholders 0.89 of a Glamis common share for each Goldcorp common share. The offer will include a condition that the Goldcorp shareholders not approve the Wheaton River transaction. Glamis intends to mail its bid to Goldcorp shareholders in early January, with an expiry date 35 days thereafter. “Clearly, Goldcorp shareholders have been successful in their efforts to convince the Goldcorp Board that shareholders should have the right to choose the future direction of their company,” said Glamis President/CEO Kevin McArthur. “The Goldcorp Board has acquiesced to this shareholder intervention and called for a Goldcorp shareholder vote on the proposed Wheaton River acquisition. “Unfortunately, the proposed termination fee payable to Wheaton River that was agreed to by the Goldcorp Board represents a significant waste of Goldcorp shareholder money.” McArthur said he continues to believe that the offer “represents a better transaction for Goldcorp shareholders.” “Based on extensive discussions to date with Goldcorp shareholders, we are confident that they will not approve the proposed takeover bid for Wheaton River,” he said. “We are equally confident that our own shareholders are very supportive of our bid for Goldcorp.” Glamis, an intermediate gold producer with mines and development projects in Nevada, Mexico and Central America, remains 100 percent unhedged. Its plan and budget reflects a near tripling of annual gold production, to more than 700,000 ounces by 2007, at a total cash cost below $150 per ounce.

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