Iamgold seeks suitors

Having recently lost its bid to merge with Wheaton River Minerals (WRM-T), Iamgold (IMG-T) is setting up a special committee to look for other suitors.

The committee has enlisted the help of RBC Capital Markets.

Meanwhile, Iamgold is urging its 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 was good until July 16.

In other news, Wheaton River says it will not pursue merger negotiations with Coeur d’Alene Mines (CDE-N).

“There is no support for a Coeur/Wheaton combination from Wheaton’s management, directors or shareholders,” says Wheaton River CEO Ian Telfer.

In a prepared statement, Wheaton River says: “To date, Coeur has attempted to make a takeover bid for Wheaton River by way of press release. When a formal tender offer is made, Wheaton will respond in due course as required by applicable law.”

Earlier, Coeur reiterated its request to the Wheaton River board that it begin negotiations regarding a Coeur-Wheaton merger.

The Idaho-based silver miner is taking its tender offer directly to Wheaton River shareholders in Canada and the U.S.

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.