Mining firm takes takeover bid to shareholders

COEUR D’ALENE – Coeur d’Alene Mines Corp. on Tuesday again shrugged off rejection of its takeover bid of Wheaton River Minerals Ltd. and said it is bypassing the Canadian corporation’s resistant board of directors.

“We continue to receive support for Coeur’s offer from Wheaton River shareholders because of its significant premium, substantial cash component and enhanced growth platform,” Coeur Chairman Dennis Wheeler said in a statement. “Accordingly, we have taken our offer directly to Wheaton River shareholders.”

The Wheaton River board has cited Coeur’s history of losses and negative cash flow.

“The board and the special committee have serious reservations about the ability of the management of Coeur,” Wheaton River officials said last week in their latest advisory to shareholders to reject the multibillion-dollar deal.

But Coeur has pressed the takeover since initiating it last spring, saying the deal would increase silver production by 45 percent and create a Top 10 global gold producer with among the lowest cash costs of production in the industry.

Coeur has set Sept. 30 for expiration of its offer.