Royal Oak Bids For Rival

Fri., July 8, 1994

Source: From Staff

Royal Oak Mines Inc. plans to offer $1.4 billion for the stock in Lac Minerals Ltd. in a deal that would make Royal Oak Canada’s biggest gold producer.

Royal Oak said it will make the offer formally to Lac stockholders once it is given a list of them.

Royal Oak said it will offer 3.75 Canadian dollars (about $2.70) in cash and 1.75 of its own shares for each outstanding Lac share. Alternatively, Lac shareholders may choose to receive 2.416 Royal Oak shares for each Lac share they own.

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Royal Oak Bids For Rival

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