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Royal Oak Mines Inc

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August 9, 1994 | From Times Staff and Wire Reports
Canadian Company Sweetens Bid for Gold Mining Firm: Upstart Royal Oak Mines Inc. raised its offer for Lac Minerals Ltd. to $1.74 billion (U.S.) and predicted victory in the battle for the much-bigger gold mining firm. Royal Oak lifted its bid to $3.60 in cash plus two of its shares for each Lac share, valuing the target at $12 a share--a 45% premium to Lac's market price before Royal Oak's first bid July 7. Separately, Lac rejected a rival offer from mining giant American Barrick Resource Corp.
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August 12, 1994 | From Times Staff and Wire Reports
Hostile Bid Rejected: Toronto-based Lac Minerals said it turned down a sweetened $1.74-billion bid from Royal Oak Mines Inc. Vancouver, Canada-based Royal Oak had raised its bid to $3.60 in cash plus two of its shares for each Lac share, valuing the offer at $12 a share--a 45% premium to Lac's market price before Royal Oak's first bid was made July 7.
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