Canplats gives the nod to Sweetened Goldcorp Offer
posted on
Dec 24, 2009 01:38PM
Lowest-cost, fastest growing senior gold producer.
* Goldcorp matches Fresnillo's C$4.40/shr offer
* Canplats agrees to latest deal
* But another sweetened bid may on way
* Camino Rojo deposit in Mexico sits near Goldcorp mine (Adds Canplats acceptance, share price)
TORONTO, Dec 24 (Reuters) - Goldcorp <G.TO> sweetened its offer for Canplats Resources to C$254 million ($242 million) <CPQ.V> on Thursday, winning the company's acceptance, although the strength of its shares suggested investors see another rival bid.
Goldcorp's C$4.40 a share offer -- consisting of C$4.20 in cash and one share of a newly formed company valued at 20 Canadian cents a share -- matches a bid earlier this week from Minera Penmont, a joint venture of Fresnillo Plc <FRES.L> Newmont Mining <NEM.N>.
Canplats said it would accept Goldcorp's raised offer. Both Canadian companies are based in Vancouver, British Columbia.
Under an agreement with Goldcorp -- unveiled when the two companies announced their original C$238 million deal in mid-November -- Goldcorp needed only to match any competing bid to maintain its preferred status.
Canplats' shares, which were initially halted, were up 10 Canadian cents at C$4.95 on the TSX Venture Exchange, suggesting investors feel an even sweeter offer could be on the way from Mexican silver miner Fresnillo and U.S. gold producer Newmont.
Both buyers are eager to acquire Canplats' Camino Rojo gold-silver deposit in Mexico, which sits close to Goldcorp's Pensaquito gold-silver mine.
Under both offers, most of Canplats' other projects would be spun off into the new company.
Goldcorp stock was up 45 Canadian cents at C$42.59.
The Represa deposit at Camino Rojo hosts 3.44 million ounces of gold and 60.7 million ounces of silver on a measured and indicated resources basis.
($1=$1.05 Canadian) (Reporting by Cameron French and Scott Anderson; editing by Rob Wilson)
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