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The Gold Stock Strategist analyzes leading junior gold producers and major gold mining companies.

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Tuesday, December 29, 2009

Goldcorp: Is Third Time a Charm in Bid for Canplats?

Canplats Resources Corp. ($CPQRF) (CVE:CPQ) has for the third time since November accepted a buyout bid from Goldcorp Inc. ($GG) (TSE:G). This is the second time Goldcorp has matched a rival offer from Minera Penmont, a jointly owned partnership between Fresnillo PLC (LSE:FRES) and Newmont Mining Corp. ($NEM) (NYSE:NEM).

Goldcorp stated in a release on Tuesday, December 29 that its third offer in two months is C$4.60 per Canplats shares and C$0.20 in shares of a new company holding Canplats' exploration properties.

The new proposal values Canplats at about C$277 million.

Canplats said in a statement that its board has determined that Goldcorp has matched the Penmont offer, making it a superior proposal.

"Accordingly, Canplats will enter into an amended agreement with Goldcorp reflecting such terms," Canplats stated.

Goldcorp's original agreement to buy out Canplats in November was an all-stock transaction for C$3.60 a share.

Goldcorp is interested in combining the synergies of its nearby Penasquito mine and Canplats Camino Rojo project with 3.4 million ounces of gold. Camino Rojo also has potential for further growth in reserves.

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