Some two months after first taking a run at Eldorado (TSE), Glamis Gold (TSE) has allowed its takeover bid for the company to expire.
Glamis, which was offering $1.50 in cash plus 0.47 of a common share for each share of Eldorado, failed to get the required minimum 50% under the offer.
Glamis is now prevented from making any further bids for Eldorado until after Sept. 1, 1996. That restriction formed part of a recent agreement between the two companies, allowing Glamis’ hostile offer to proceed without triggering a “poison pill” (or shareholders’ rights protection plan).
Glamis plans to continue its search for potential acquisitions in the gold sector.
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