Glamis Gold Enhances Take-Over Bid for Goldcorp Inc.

Strategic Insights -

Glamis Gold Ltd. has announced that it is increasing its take-over bid for all of the common shares of Goldcorp Inc. by raising the price from 0.89 to 0.92 of a Glamis common share for each Goldcorp common share. This represents an additional value of $0.49 per Goldcorp share based on the closing price of Glamis on the NYSE on February 4, 2005. The enhanced bid aims to convince a majority of shareholders to vote against the Wheaton River transaction at the Goldcorp shareholders' meeting on February 10, 2005, and to tender their shares to Glamis' premium offer.

Key Takeaways:

  • Glamis Gold is enhancing its take-over bid for Goldcorp Inc. by increasing the price from 0.89 to 0.92 of a Glamis common share for each Goldcorp common share.
  • The enhanced bid represents an additional value of $0.49 per Goldcorp share based on the closing price of Glamis on the NYSE on February 4, 2005.
  • The company is seeking to convince a majority of shareholders to vote against the Wheaton River transaction at the Goldcorp shareholders' meeting on February 10, 2005.
  • Shareholders must reject the proposed Wheaton River transaction to benefit from the enhanced premium bid from Glamis.
  • Glamis reminds shareholders that they have until February 24, 2005, to tender their shares to the enhanced bid.
  • The company is soliciting proxies from Goldcorp shareholders to vote against the Wheaton River transaction.

Statistics:

  • Glamis Gold is offering 0.92 of a Glamis common share for each Goldcorp common share.
  • The enhanced bid represents an additional value of $0.49 per Goldcorp share based on the closing price of Glamis on the NYSE on February 4, 2005.
  • The closing date for the Glamis take-over bid has been extended from February 14 to February 24, 2005.
  • 98% of Glamis' 17,000 outstanding options and warrants were exercised at a price of $64.00 per share.

Sources:

  • "Glamis Gold Ltd. increases offer for Goldcorp Inc.," CCNMatthews via COMTEX, February 7, 2005.
  • Glamis Gold Ltd.'s website, [www.glamis.com](http://www.glamis.com).
  • Goldcorp Inc.'s website, [www.goldcorp.com](http://www.goldcorp.com).