Goldcorp (GG) Inks Deal to Acquire Remaining Exeter Shares

Goldcorp Inc. GG has entered into an agreement with Exeter Resource Corporation to acquire all the common shares of the latter, not already owned by the company, through a planned arrangement under section 288 of the Business Corporations Act.

Per the arrangement, Goldcorp will acquire all the shares of Exeter it did not purchase under its previously announced offer on Apr 20, subject to the approval of Exeter shareholders. This subsequent acquisition transaction proposed by the company has been extended till Jun 7.

As communicated earlier, Goldcorp acquired 77,428,836 Exeter Shares in exchange for 0.12 of a common share of Goldcorp for each Exeter common share, which being the same consideration payable under the arrangement. Goldcorp presently owns about 78,043,584 Exeter Shares, representing roughly 83.2% of the issued and outstanding Exeter Shares.

The completion of the transaction is subject to certain customary conditions, including all necessary stock exchange and court approvals.

Goldcorp’s shares have lost around 10.4% in the last three months, underperforming the Zacks categorized Mining–Gold industry’s 1.9% decline.

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Goldcorp Inc. Price and Consensus | Goldcorp Inc. Quote

Goldcorp currently carries a Zacks Rank #3 (Hold).

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