It seems that for every step forward, there is a step backward in the continuing saga of the WHEATON RIVER / IAMGOLD merger. Although Wheaton River held a special shareholders' meeting a week ago and the business combination with IamGold was approved, the controversy continues.
COEUR D'ALENE MINES has accused Wheaton River of failing to count proxies that would have tipped the balance in favour of a Coeur takeover of Wheaton. In response, Wheaton announced that it will hold another vote on the merger on July 6, 2004. According to Wheaton chairman and CEO Ian Telfer, "We continue to believe that the IamGold combination is the best option on the table for Wheaton shareholders. We recognize, however, that some shareholders would like more time to consider the transaction. Now that a new meeting is scheduled to take place on July 6th, we believe all Wheaton shareholders will have an opportunity to cast a fully informed vote."
Meanwhile, GOLDEN STAR RESOURCES remains determined to take control of IamGold, asking that an independent chair be appointed for IamGold's shareholder meeting scheduled for June 29 and insisting that its offer is superior to the proposed merger with Wheaton River.
We await further developments over the next few weeks and will keep CMJ readers informed.