Goldcorp Begins Friendly Takeover Bid For Exeter
Goldcorp. Inc. (TSX: G, NYSE: GG) says the company has formally began an offer to acquire all outstanding shares of Exeter Resource Corp. (TSX: XRC, NYSE-MKT: XRA, Frankfurt: EXB). The two companies announced an agreement for the takeover in late March, with the move supported by the board of directors of Exeter. Goldcorp says Exeter shareholders will be entitled to receive 0.12 of a common share of Goldcorp for each Exeter share, which represents a premium of 67% based on Goldcorp's and Exeter's closing prices on the Toronto Stock Exchange on March 27, the day prior to the acquisition announcement. The deal puts the value of all Exeter shares at $247 million. Goldcorp says its offer will be open until 5 p.m. EDT on May 26, unless otherwise extended or withdrawn.