Canadian Mining Journal

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MERGER UPDATE – Goldcorp/Wheaton, Bema/Arizona Star

In Toronto, the GOLDCORP board of directors has unanimously rejected the hostile takeover offer from GLAMIS GOLD. T...


In Toronto, the GOLDCORP board of directors has unanimously rejected the hostile takeover offer from GLAMIS GOLD. The board urges shareholders to do likewise and to vote in favour of Goldcorp’s combination with WHEATON RIVER MINERALS. The Wheaton board recommends the deal, extending the deadline for investors to tender their Wheaton shares until close of business on Feb. 14, 2005.

On Dec. 20, 2004, Vancouver’s BEMA GOLD CORP. announced it would make an unsolicited bid for control of Toronto-based ARIZONA STAR RESOURCE CORP. Although Bema has not yet officially begun the takeover, Arizona Star has advised Bema that it would be making an "insider bid" and must seek an independent valuation. Bema currently owns 5% of Arizona Star and has provided management services to Arizona Star under various contracts for the past 10 years. The majority of board members and officers serve on both companies.