The votes have been cast and Timmins Gold (TSX:TMM) has lost.
On Friday, shareholders of New York-based Capital Gold (TSX:CGC) approved a merger with Gammon Gold (TSX:GAM), ending Vancouver-based Timmins’ battle to buy Capital.
“The board and management team appreciate the support we have received from our stockholders during this difficult proxy contest, and ultimately believe they recognized the compelling strategic and economic benefits of the merger with Gammon,” said Steve Cooper, Capital’s chairman.
The battle to take over Capital began in September when Timmins launched its bid.
A month later, Gammon swooped in with a bid of its own.
Over the past several weeks, a heated proxy battle between the two companies has ensued, with both upping their offer to woo Capital’s shareholders.
In the end, Gammon’s offering of 0.52 Gammon shares and US$1.09 in cash for each share of Capital won out.
At press time, Timmins’ shares were down $0.05 to $2.46, Capital’s shares were down $0.13 to $6.11 and Gammon’s shares were down $0.35 to $9.74.