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Tuesday, 18th January 2005 (4285 views)

Glamis Gold has launched a dissident proxy circular that urges shareholders of Goldcorp, subject of a hostile bid by Glamis last month, to reject a friendly £1.2 billion takeover of Wheaton River Minerals.<br/><br/>Under the new proxy, Glamis can directly solicit from Goldcorp shareholders a "no" vote on the bid for Wheaton at a meeting planned for January 31st in Toronto.<br/><br/>"On the institutional side we have near unanimity that the Glamis offer is superior to the Wheaton River deal with Goldcorp,' said Glamis chief executive, Kevin McArthur.<br/><br/>"We're working very hard now on the retail side, the individual investors."<br/><br/>Glamis is offering 0.89 share for each Goldcorp share in a transaction valued at £1.52 billion.<br/><br/>Mr McArthur said his company's offer is "the best option" because Glamis focuses only on gold, as opposed to Wheaton which produces both gold and copper. <br/><br/>"You've got a pure gold option' with the Glamis bid, McArthur said. <br/><br/>"You've got a superior growth profile and you've got a company that build mines. It's our culture that will win the day."<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7591538"/>

 

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