Cominco ups Resources offer

Terms of the proposed take-over of Cominco Resources International (TSE) by its parent and 55.6% owner, Cominco (TSE), have been revised upward.

Minority shareholders of Cominco Resources recently approved the offer and will now receive one share of Cominco for each 6.15 shares held. The plan of arrangement had previously set the exchange ratio at one share for each 6.5 shares.

Based on the May 19, 1995, closing price of $22.63 for Cominco, the new deal is worth about $3.68 per Cominco Resources’ share.

Although approved by shareholders, the offer is still subject to court approval.