Glamis’ bid for Eldorado dead

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.