Coeur d’Alene Mines (CDE-N) has cancelled its offer to acquire the shares of U.S.-based shareholders of Wheaton River Minerals (WRM-T), instead planning to make a new offer to shareholders on both sides of the border next week.
The terms of the new offer remains unchanged; it will remain open for at least 35 days, or until around the end of September.
The Idaho-based silver miner says that the 3.2 million shares already tendered to its original offer will be returned, and that shareholders will need to re-tender to the new offer.
Coeur’s offer stands at 0.796 of one of its shares or $5.47 in cash, up to a limit of $570 million in cash, for each share of Wheaton. If all of Wheaton’s shareholders elect to take the cash, they would be limited to $1 per share, with the balance made up with shares.
Coeur’s formal offer to Canadian shareholders has been along time coming; the company says the delay is owing to more stringent regulatory rules in Canada and the fact that documents had to be translated into French.
Wheaton chief executive Ian Telfer lamented the delay during his company’s recent second-quarter conference call saying that the company had had 46 days and counting, and had still not said anything to Canadian shareholders. Wheaton’s board of directors has also long refused to offer its opinion on Coeur’s offer citing the lack of a Canadian component.
In other news, Coeur has filed amended financial reports for the recent first-quarter and years ended Dec. 31, 2003 and 2002.The company says the changes increase revenues and reduce its loss to the tune of around US$1.3 million for the first quarter, US$400,000 for all of 2002, and US$800,000 for 2003. Coeur’s recent first-quarter loss is now pegged at US$1.7 million; the loss for 2003 is US$66.2 million, and US$80.8 million for all of 2002.
The amendments reflect the correction of a timing error in accounting for price changes for concentrate sales under some contracts.
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