Yes, I look for higher bids for WHT, and hope the winner is not CDE, a company that I have owned before and after taking a closer look I took the profits and gladly ran like hell. ===============================================================
Hi ml, Fwiw, CDE has done a terrific job of cleaning up their books and have never been in better shape. Btw, I'm not in support of a CDE takeover either. I own a small piece of CDE and no WHT.
Coeur Criticizes Wheaton River's Hasty Rejection of Coeur's Superior Proposal
Monday June 7, 12:38 pm ET
* Wheaton River Board Attempts to Deprive Stockholders of Higher Value Coeur Proposal at Least C$0.25 per Share Higher Than the IAMGOLD Proposal * Ontario Teachers' Pension Plan And Other Key Stockholders To Vote Against Iamgold Proposal * Fairvest (ISS), Canada's Leading Proxy Advisory Firm, Recommends Stockholders Reject Wheaton River-IAMGOLD Transaction
COEUR D'ALENE, Idaho, June 7 /PRNewswire-FirstCall/ -- Coeur d'Alene Mines Corporation (NYSE: CDE - News) today made the following statement regarding Wheaton River Minerals Ltd.'s (TSX: WRM, AMEX: WHT) comments today:
Dennis E. Wheeler, Chairman and Chief Executive Officer of Coeur d'Alene, said, "We were surprised and disappointed by the hasty rejection of our increased proposal by the Wheaton River Board. It is unfortunate that the Wheaton River Board again failed to postpone their stockholder meeting to give stockholders more time to vote and so that the Wheaton River Board could conduct due diligence on Coeur and its assets to fully evaluate the Coeur proposal.
"The Wheaton River Board instead only gave Coeur a token meeting at 8:00 pm ET last night to make a presentation in a scant 30 minutes. Given the late night meeting, the minimal time allotted, and Wheaton River Board's rejection less than three hours later, we question whether the Wheaton River Board ever had a serious interest in evaluating our proposal.
"Coeur's proposal is clearly superior. Even with IAMGOLD Corporation (TSX: IMG, AMEX: IAG) trading at an inflated price as the result of Golden Star's acquisition offer, based on Friday's closing prices, Coeur's proposal for Wheaton River was at least C$0.25 per share or C$142 million higher than the value of the Wheaton River-IAMGOLD transaction. Without the Golden Star offer for IAMGOLD, we believe the margin would be greater still. In addition to Coeur's higher value, and in contrast to the Wheaton River-IAMGOLD proposal, Coeur offers cash and near-cash in the form of notes of C$1.00 per share, representing a significant portion of the consideration for Wheaton River stockholders.
"It is now up to the stockholders and we are encouraged by their support. On Friday, June 4, the Ontario Teachers' Pension Plan, owner of 5.6 million shares and 1.1 million warrants, announced on its website (http://www.otpp.com) that it is voting against the Wheaton River-IAMGOLD plan of arrangement. Also on Friday, Fairvest (ISS), Canada's leading independent proxy advisory firm, reversed its earlier decision and now recommends that Wheaton River stockholders reject the proposed IAMGOLD transaction. Fairvest urged the Wheaton River Board to give stockholders more time to evaluate the Coeur proposal.
"Time is of the essence. We encourage stockholders who have already voted for the Wheaton River-IAMGOLD transaction to change their vote and those stockholders who have not voted, to vote now. Wheaton River stockholders can still send a strong message to the Board and management that they would like the opportunity to fully consider Coeur's superior proposal. Although Wheaton River has failed to extend its arbitrary early cutoff to deliver proxies, we continue to call on Wheaton River to waive this deadline. We do not think the Wheaton River Board will ignore the will of its stockholders," Mr. Wheeler concluded.
If stockholders have any questions about how to revoke or change their vote, please call MacKenzie Partners, Inc. at 1-800-322-2885 or 212-929-5500 (call collect).
Coeur, in asking stockholders to change their votes, noted that on June 4, Fairvest, Canada's leading independent proxy advisory firm and an affiliate of Institutional Shareholder Services (ISS), reversed its previous decision and now recommends that Wheaton River stockholders vote AGAINST the proposed Wheaton River-IAMGOLD plan of arrangement. The Company believes Fairvest's decision recognizes that Coeur's superior increased proposal represents a significant premium to the IAMGOLD transaction. In addition Fairvest was critical of Wheaton River's refusal to allow its stockholders an opportunity to consider Coeur's superior increased proposal. In its decision, Fairvest noted:
"We recommend opposing the Wheaton merger on the basis that it imposes a deadline that precludes shareholders from exploring the benefits of another legitimate and possibly superior proposal."
"We believe that shareholders need more time and information on the two options. With the deadline looming so close, we believe that the Wheaton board should be working to get more time for shareholders to evaluate their options."*
* Permission to use quotations was neither sought nor obtained.
In its proposal to Wheaton River, Coeur provided a point-by-point comparison of Coeur's proposal with the pending IAMGOLD transaction. The comparison clearly demonstrates the superiority of the Coeur proposal, and is repeated here:
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