The bidding war between Minera Penmont and Goldcorp Inc. (TSX:G) for Canplats Resources Corp. (TSX-V:CPQ) continued this week after Minera sweetened its offer to $4.60 per common share of the company, up from the $4.20 it and Goldcorp Inc. offered last week.
Due to the holiday, the TSX was closed on Monday, and Canplats' shares remained at a December 24 closing price of $4.96, up from their December 23 close of $4.85.
Under Penmont's revised offer, it would not only offer shareholders $4.60 per common share of Canplats, but also shares of a new exploration company with a notional value of $0.20 per share. The total deal would be worth $4.80 per Canplats share.
Penmont, a jointly owned partnership between Fresnillo PLC (LSE:FRES) and Newmont Mining Corp. (NYSE:NEM), owns the La Herradura mine in Sonora, Mexico.
Goldcorp's interest in Canplats revolves around the Camino Rojo project, which is 50 kilometres southeast of Goldcorp's Penasquito gold and silver mine.
Goldcorp has until January 5 to revise its offer.
Canplats' shares price range during the past week: between $3.15 and $4.96; 52-week high: $5; 52-week low: $1.49.
Goldcorp's shares price range during the past week: between $40 and $42.73; 52-week high: $48.37; 52-week low: $29.08.