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Greenspan growls a little about inflation
By Myra P. Saefong
CBS.MarketWatch.com
Tuesday, June 8, 2004
http://www.marketwatch.com/news/story.asp?siteid=mktw&guid=%
7B56644A4E%2DD2C9%2D4F4A%2DA886%2DB5CA8527E390%7D&
Golden Star said Tuesday that a court has granted its
request to postpone Iamgold's vote on a merger
agreement with Wheaton River Minerals, allowing
Golden Star to move ahead with a formal offer to buy
Iamgold.
At the same time, during an annual meeting Tuesday,
Wheaton shareholders approved the merger plan with
Iamgold.
Ben Johnson, president of Portland, Oregon-based
investment firm First Securities Northwest, remained
confident that the "previously planned friendly merger
of Wheaton and Iamgold will take place."
"It made good sense to both companies before Golden
Star and Coeur d'Alene entered the picture," he said.
(Johnson and his firm do not currently own shares in
any of the mining companies involved, though some
of his clients do.)
Under Littleton, Colo.-based Golden Star's proposed
bid for Iamgold, Golden Star will offer 1.15 common
shares of its company for each common share of
Iamgold -- a 13 percent premium over the closing
price of Iamgold on May 27, the date of the proposed
offer. At the time, the deal was valued at around
$883 million.
Iamgold's annual and special shareholder meeting
will be postponed until June 29, under the court's
ruling, Toronto-based Iamgold said. Iamgold was
due to vote on the merger Tuesday.
The news comes just a day after Vancouver-based
Wheaton rejected a revised takeover bid from
Idaho-based Coeur d'Alene Mines.
During Wheaton's meeting Tuesday, more than 79
percent of the voting shareholders approved of a
merger with Iamgold.
Under the terms of agreement, each Wheaton River
share will be exchanged for 0.55 of a Iamgold share,
which represented a 22 percent premium over the
five-day average closing price of Wheaton as of
March 30.
Following the vote, Ian Telfer, chief executive of
Wheaton, said his company looks forward to
"completing the transaction with Iamgold following
their shareholder vote on June 29."
Based on Monday's closing price of $5.76 for
Iamgold's U.S.-listed shares and Wheaton's 568
million shares outstanding, the deal is worth
around $1.8 billion.
Coeur d'Alene had added another $206 million last
Thursday to its original takeover offer for Wheaton.
The original offer, valued at $1.8 billion, was made
on May 27, the same day Golden Star announced
a proposed offer for Iamgold.
Coeur's new offer for Wheaton represents a 16-percent
premium to the June 2 closing prices.
Following all the news Tuesday, Golden Star shares
fell 25 cents, or 5.1 percent, to trade at $4.61.
U.S.-listed shares of Wheaton traded at $2.83, down
15 cents, or 5 percent. Iamgold's stock fell 21 cents
to trade at $5.55. Coeur d'Alene shed 7 cents to
trade at $4.47.
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