Monday, December 28, 2009

Canplats (CPQ.v): the fun never stops


We're now at $4.60 a share plus 40c for the spin-off thing in what is now a straight, old fashioned auction scenario that's running up in 20c increments. The market nailed the story last week and it's confirmed today (though it's interesting to note how quickly the revised offer came in).

VANCOUVER, BRITISH COLUMBIA--(Marketwire - 12/27/09) - Canplats Resources Corporation (TSX-V:CPQ - News) ("Canplats" or the "Company") announces that it has received a revised binding proposal from Minera Penmont, S. de R.L. de C.V. ("Penmont") for the acquisition by Penmont of all of the outstanding common shares of Canplats by way of a plan of arrangement ("Revised Penmont Proposal") which is financially superior to the terms of the amended transaction with Goldcorp Inc. ("Goldcorp") announced on December 24, 2009. The Board of Directors of Canplats (the "Canplats Board") has determined, after receiving a recommendation to such effect from its Special Committee and the advice of the financial and legal advisors to the Company, that the proposed agreement with Penmont under the Revised Penmont Proposal is a "superior proposal" for the purposes of the Company's existing business combination agreement with Goldcorp (the "Goldcorp Agreement") and has provided notice of such determination to Goldcorp.
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FWIW, here's the Reuters take on it all (they've covered the story much better than the laughably bad Bloomie coverage so far, that's for sure).