Fresh off losing its bid to join forces with Wheaton River Minerals (WRM-T), Iamgold (IMG-T) says it has set up a special committee to look for other suitors.
The committee has enlisted the help of RBC Capital Markets in its quest. Iamgold also continues to urge shareholders to reject the recently sweetened bid from Golden Star Resources (GSC-T), calling it "inadequate, from a financial point of view."
Golden Star recently boosted its bid to either 1.25 Golden Star shares for one Iamgold share, or 1.15 shares plus 50. It had originally bid 1.15 of its own shares for each Iamgold share. The offer is good until July 16.
Meanwhile, Wheaton says it will not pursue merger negotiations with Coeur d’Alene Mines (CDE-N) at this time.
"To date, Coeur has attempted to make a take-over bid for Wheaton River by way of press release," Wheaton said in its own prepared statement. "When a formal tender offer is made, Wheaton will respond in due course as required by applicable law."
Earlier this week, Coeur reiterated its request to the Wheaton River board that it commence negotiations regarding a merger of the two companies.
The Idaho-based silver miner also said it was in the midst of preparing the necessary regulatory filings to take its tender offer directly to Wheaton River shareholders in Canada and the U.S. as soon as practicable.
Coeur’s own sweetened bid for Wheaton stands at $5.47 in cash, or 0.796 of one of its own shares, for each Wheaton River share.
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