OTHER NEWS - Aug. 9, 1994
From Times Staff and Wire Reports
Canadian Company Sweetens Bid for Gold Mining Firm: Upstart Royal Oak Mines Inc. raised its offer for Lac Minerals Ltd. to $1.74 billion (U.S.) and predicted victory in the battle for the much-bigger gold mining firm. Royal Oak lifted its bid to $3.60 in cash plus two of its shares for each Lac share, valuing the target at $12 a share--a 45% premium to Lac’s market price before Royal Oak’s first bid July 7. Separately, Lac rejected a rival offer from mining giant American Barrick Resource Corp. Analysts say they expect the battle for Lac to intensify with revised offers from rival bidders, including American Barrick. Barrick offered $2.90 cash plus 0.31 of its shares, or a total of 0.43 shares, valuing Lac at $1.5 billion.
