Ten months after withdrawing a merger proposal, Goldcorp (G.A-T) has made another offer to acquire the rest of Wharf Resources (WFR-T), operator of the Wharf and Golden Reward heap-leach gold mines in South Dakota.
Goldcorp, which currently owns 50.3% of Wharf, is offering a share swap, trading 0.72 of a Goldcorp Class A share for each share of Wharf. Minority shareholders can also take a $9-per-share buyout.
Goldcorp will be financing the takeover bid by issuing between 3.2 million and 4 million Class A shares at $12.50 each. Additional funds from the underwriting will be applied to expansion work at the Red Lake mine in Ontario.
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