Tuesday, 18th January 2005 (3125 views)

Glamis Gold has launched a dissident proxy circular that urges shareholders of Goldcorp, subject of a hostile bid by Glamis last month, to reject a friendly £1.2 billion takeover of Wheaton River Minerals.

Under the new proxy, Glamis can directly solicit from Goldcorp shareholders a "no" vote on the bid for Wheaton at a meeting planned for January 31st in Toronto.

"On the institutional side we have near unanimity that the Glamis offer is superior to the Wheaton River deal with Goldcorp,' said Glamis chief executive, Kevin McArthur.

"We're working very hard now on the retail side, the individual investors."

Glamis is offering 0.89 share for each Goldcorp share in a transaction valued at £1.52 billion.

Mr McArthur said his company's offer is "the best option" because Glamis focuses only on gold, as opposed to Wheaton which produces both gold and copper.

"You've got a pure gold option' with the Glamis bid, McArthur said.

"You've got a superior growth profile and you've got a company that build mines. It's our culture that will win the day."

 

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