Cda Mines Submits Formal Takeover Offer

(From For the Record, Friday, February 2, 1996:) Spokane-based Pegasus Gold Inc. owns the Mount Todd gold mine in Australia. A story in Thursday’s Business section gave the wrong owner.

Coeur d’Alene Mines Corp. Wednesday formally sent its takeover offer to an Australian mining company.

Coeur wants to acquire Gasgoyne Gold Mines NL, which owns half of two promising gold mines and half of two exploration projects in the region.

Coeur already owns 19.9 percent of Gasgoyne, and made the offer to buy out the remaining shares for approximately $110 million.

As part of the offer, Coeur offers Gasgoyne shareholders seven common shares of its stock and 60 Australian dollars for every 100 shares of Gasgoyne.

The Coeur common shares have not been registered with the Securities and Exchange Commission. If the takeover offer goes through, the common shares will be available for resale in the U.S. 40 days after the deal goes through, according to the company.

Gasgoyne has until March 18 to reply to the offer. Last week Coeur attempted to strengthen its takeover position by buying more shares of Orion Resources, which operates a gold mine that Gasgoyne owns half of.

Coeur owns and operates the Mount Todd gold mine in Australia and the Golden Cross mine in New Zealand. Acquiring Gasgoyne would deepen its investment in the region. , DataTimes