Timmins Gold Corp Down 1% As Lifts Offer For Capital Gold; Trumps Offer From Gammon, Which is Down 5%
Timmins Gold Corp (TMM.V) is down more than 1% after today announcing that it has delivered an increased offer to the Capital Gold (CGC.A) board of directors for the merger of Timmins Gold and Capital Gold.
Under the increased offer, Capital Gold shareholders will now receive 2.27 Timmins Gold common shares and US$0.25 in cash for each share of Capital Gold common stock, TMM said in a statement.
It added the increased offer provides Capital Gold shareholders with total consideration of US$5.89 per Capital Gold share and exceeds the value of the Gammon offer by US$0.47 (or 8.7%) per Capital Gold share, based on closing prices on March 14, 2011. Gammon Gold Inc (GAM.TO) is down more than 5% at $8.16, having earlier dipped under 48 to $7.99.
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