UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SCHEDULE TO
(Amendment No. 7)
TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
GOLDCORP INC.
GLAMIS GOLD LTD.
Common Shares
(Title of Class of Securities)
38095640
(CUSIP Number of Class of Securities)
Charles A Jeannes, Esq.
Senior Vice President, Administration,
General Counsel and Secretary
Glamis Gold Ltd.
5190 Neil Road, Suite 310, Reno, Nevada 89502
(775) 827-4600
(Name, address and telephone number of person authorized to
receive notices and communications on behalf of filing person)
with a copy to:
David S. Stone, Esq.
Neal, Gerber & Eisenberg, LLP
2 North LaSalle Street, Suite 2200
Chicago, Illinois 60602
(312) 269-8000
Calculation of Filing Fee
Transaction Valuation (1) | Amount of Filing Fee (2) | |
$2,856,644,848 | $336,228 |
(1) Estimated for purposes of calculating the amount of the filing fee only. The transaction valuation was determined by multiplying 210,124,667, the number of Goldcorp Inc. common shares outstanding on December 22, 2004, by $13.595, the price of a Goldcorp common share, calculated based on the average of the high and low prices for Goldcorp common shares reported on the New York Stock Exchange on December 8, 2004.
(2) The amount of the filing fee is calculated in accordance with Rule 0-11 of the Securities Exchange Act of 1934, as amended.
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Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
Amount Previously Paid:
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$336,228 | |
Form or Registration No.:
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F-10 | |
Filing party:
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Glamis Gold Ltd. | |
Date filed:
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January 7, 2005 |
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Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. |
Check the appropriate boxes below to designate any transactions to which the statement relates:
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Third party tender offer subject to Rule 14d-1. | |
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Issuer tender offer subject to Rule 13e-4. | |
o
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Going-private transaction subject to Rule 13e-3. | |
o
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Amendment to Schedule 13D under Rule 13d-2. |
Check the following box if the filing is a final amendment reporting the results of the tender offer: o
This Amendment No. 7 amends and supplements the Tender Offer Statement on Schedule TO, originally filed with the Securities and Exchange Commission on January 7, 2005, relating to the third party tender offer made pursuant to the offer to purchase and circular dated January 7, 2005 (as amended or supplemented from time to time, the Offer and Circular) and in the related Letter of Transmittal. Upon the terms and subject to the conditions described in the Offer and Circular and Letter of Transmittal, Glamis Gold Ltd., a British Columbia, Canada, corporation (Glamis) is offering to purchase all outstanding common shares of Goldcorp Inc., an Ontario, Canada, corporation (Goldcorp), at a purchase price of 0.89 of a Glamis common shares for each outstanding common share of Goldcorp.
On January 27, 2005, Glamis issued a press release announcing the filing of supplemental information to its dissident proxy circular. A copy of the press release is attached hereto as Exhibit (a)(5)(xviii) and is incorporated herein by reference.
On January 28, 2005, Glamis issued a press release reminding Goldcorp shareholders that they are entitled to vote at Goldcorps Special Meeting to consider the Wheaton River transaction even if they acquired their shares after December 31, 2005, and announcing that Glamis has retained Citigroup Global Markets Inc. as co-advisor with Orion Securities Inc. in connection with the Companys take-over offer for Goldcorp. A copy of the press release is attached hereto as Exhibit (a)(5)(xix) and is incorporated herein by reference.
On January 28, 2005, Glamis sent a letter to the shareholders of Goldcorp. A copy of the letter is attached hereto as Exhibit (a)(5)(xx) and is incorporated herein by reference.
Item 12. Exhibits.
(a)(5)(xviii)
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Press Release dated January 27, 2005 | |
(a)(5)(xix)
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Press Release dated January 28, 2005 | |
(a)(5)(xx)
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Letter, dated January 28, 2005, from Glamis to Goldcorp shareholders |
SIGNATURE
After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: January 28, 2005
Glamis Gold, Ltd. | ||||
By: | /s/ Cheryl S. Maher | |||
Name: | Cheryl S. Maher | |||
Title: | Chief Financial Officer |
NEWS RELEASE
For immediate release
Trading symbol: NYSE, TSX GLG | January 27, 2005 |
GLAMIS SETS THE RECORD STRAIGHT IN CIRCULAR SUPPLEMENT
January 27, 2005 Reno, Nevada Glamis Gold Ltd. (NYSE: GLG; TSX: GLG) reported today that it has filed with securities authorities a Supplement to its Dissident Proxy Circular that addresses various inaccuracies and misleading statements included in recent public pronouncements by Goldcorp. The Supplement has been mailed in advance of the special meeting of Goldcorp shareholders, now delayed until February 10, 2005.
Included with both the Dissident Circular and Supplement is a form of proxy on BLUE paper. Glamis is soliciting proxies from Goldcorp shareholders to vote NO on the resolution to approve the proposed Goldcorp take-over bid for Wheaton River Minerals Ltd. Defeating the resolution allows Goldcorp shareholders to accept Glamis superior take-over bid and is a condition of that premium offer.
Goldcorp shareholders have not been getting the facts from Goldcorp. From the beginning of this process, Glamis has been focused on providing Goldcorp shareholders a choice in the future of their company, and we will continue to ensure that shareholders can make that decision based on accurate information, said Kevin McArthur, President and Chief Executive Officer of Glamis. We continue to meet with both institutional and individual Goldcorp shareholders in the United States, Canada and Europe, and we continue to receive very strong support.
Commenting on the recent Fairvest recommendation, Mr. McArthur added, We recognize that Fairvest is noted for its expertise in matters involving corporate governance, and identified in its report multiple deficiencies with respect to the Goldcorp/Wheaton River transaction. But for mining and financial valuations, we understand that investors have in the past and will continue to rely on their own analysis and the recommendations of investment research analysts who know the mining sector, many of whom support our offer. Additionally, we note that Fairvest also recommended on January 24, 2005 to its clients that they vote in favour of the Glamis resolution allowing the Glamis offer for Goldcorp to proceed, to be voted upon on February 9, 2005.
The Glamis Supplement provides the facts on several important issues:
Goldcorp is Focused on the Past, But Future Performance Drives Value. Based on an average of estimates provided in reports by various independent research analysts, a Glamis/Goldcorp combination provides significant financial benefits to Goldcorp shareholders, including:
| 12.6% accretion to net asset value per share |
| 58% expected cash flow per share growth from 2005 to 2007 | |||
| 83% expected earnings per share growth from 2005 to 2007 |
Additionally, based on gold reserves of Glamis and Goldcorp at December 31, 2003, the Glamis/Goldcorp combination is also 24% accretive to gold reserves per share for Goldcorp shareholders, significantly enhancing Goldcorp shareholders leverage to the price of gold.
A Pure Gold Company is a Superior Investment.
A Glamis/Goldcorp combination is a pure gold play, while a Goldcorp/Wheaton River combination includes significant copper exposure. Pure gold companies receive a superior valuation multiple from the market. For example, based on a BMO Nesbitt Burns research report dated January 10, 2005, pure gold producers such as Glamis and Goldcorp trade at an average price of 24.7 times estimated 2005 cash flow per share. In contrast, because its major asset is a copper mine with a gold by-product, Wheaton River trades at an average price of 11.8 times estimated 2005 cash flow per share. It is unreasonable for Goldcorp to gamble that Wheaton Rivers assets will be valued differently in a combined company, and shareholders should consider the impact to the valuation of their shares by the addition of Wheaton River.
The Glamis Offer Provides a Premium.
Glamis is offering Goldcorp shareholders a significant premium, which is currently reflected in the Goldcorp share price which has risen to reflect the Glamis offer. If Goldcorp shareholders approve the Wheaton River transaction, Glamis expects this increase in Goldcorps share price to evaporate, with Goldcorp shareholders losing the premium currently reflected in the value of their shares. Based on the current Goldcorp share price, the Wheaton River transaction requires Goldcorp to pay a significant premium to Wheaton River shareholders.
Glamis Provides Quality Assets and Outstanding Growth.
Glamis high quality mining assets, when combined with the expected growth at Goldcorps Red Lake mine, will produce opportunities for enhanced valuations. Glamis newly commissioned El Sauzal mine is now built and in full production, and the Marlin project is ahead of schedule, fully permitted and financed and is expected to be in full production this year. With the Glamis/Goldcorp combination, Goldcorp shareholders will be able to participate in real, near term growth and exploration potential offered by the Marigold and El Sauzal mines and the Marlin and Cerro Blanco development projects.
Glamis Provides Accomplished and Committed Management.
A Glamis/Goldcorp combination will deliver a professional, operations-oriented management team led by Glamis CEO, Kevin McArthur, an experienced mining professional with 25 years operating and management experience in both open pit and underground mines, and a successful record of delivering and integrating accretive acquisitions as CEO. A Goldcorp/Wheaton River combination will install Ian Telfer as CEO. Mr. Telfer has no proven experience in building mines or running a company that has successfully built multiple mines, a challenge which faces Wheaton River.
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Glamis Gold Ltd. is a premier intermediate gold producer with low-cost gold mines and development projects in Nevada, Mexico and Central America. The Company remains 100 percent unhedged.
VOTE PURE GOLD
VOTE NO TO WHEATON RIVER
VOTE TODAY
Safe Harbor Statement: Except for the statements of historical fact contained herein, the information presented constitutes forward-looking statements. Forward-looking statements, include, but are not limited to those with respect to, the price of gold, the estimation of mineral reserves and resources, the realization of mineral reserves estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, Glamis hedging practices, permitting time lines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation. Often, but not always, forward-looking statements can be identified by the use of words such as plans, expects, or does not expect, is expected, budget, estimates, forecasts, intends, anticipates or does not anticipate, or believes, or variation of such words and phrases or state that certain actions, events or results, may, could, would, might or will be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Glamis to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, possible variations in ore grade or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labor disputes and other risks of the mining industry, delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled Other Considerations in the Glamis Annual Information Form. Although Glamis has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
This press release does not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any of the securities of Glamis or Goldcorp. Such an offer may only be made pursuant to a registration statement and prospectus filed with the U.S. Securities and Exchange Commission and offer to purchase and circular filed with Canadian securities regulatory authorities. Glamis has filed with the U.S. Securities and Exchange Commission a Registration Statement on SEC Form F-10, and has mailed a take-over bid circular and dissident proxy circular together with any related documents to Goldcorp stockholders concerning the proposed business combination with Goldcorp. WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT, THE TAKE-OVER BID CIRCULAR, THE DISSIDENT PROXY CIRCULAR AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC AND CANADIAN SECURITIES REGULATORY AUTHORITIES, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain the documents free of charge at the SECs website, www.sec.gov or in Canada at www.sedar.com. In addition, documents filed with the SEC and in Canada by Glamis will be available free of charge from Glamis Investor Relations, 5190 Neil Road, Suite 310, Reno, NV 89502, telephone (775) 827-4600.
For further information please contact:
Media: |
||||
John Lute:
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Phone: 416-929-5883 |
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Email: jlute@luteco.com | ||||
Larry Roth:
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Phone: 732-598-2092 | |||
Email: larryroth@rothir.com | ||||
Investors: |
||||
Glamis Gold Ltd.
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Website: | www.glamis.com | ||
5190 Neil Road, Suite 310
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email requests for investor packets to: | info@glamis.com |
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Reno, NV 89502
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email questions/correspondence to: | michaels@glamis.com | ||
Michael A. Steeves
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Phone: | 1-775-827-4600 ext. 3104 |
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Vice President, Investor Relations |
3
NEWS RELEASE
GLAMIS GOLD LTD.
For immediate release
Trading symbol: NYSE, TSX GLG | January 28, 2005 |
GOLDCORP SHAREHOLDERS WHO ACQUIRED SHARES AFTER DECEMBER 31,
2004 HAVE THE RIGHT TO VOTE ON THE WHEATON RIVER TRANSACTION
GLAMIS ANNOUNCES ADDITION OF CITIGROUP AS CO-ADVISOR
January 28, 2005 Reno, Nevada - Glamis Gold Ltd. (NYSE: GLG; TSX: GLG) reminds Goldcorp shareholders that they are entitled to vote at Goldcorps Special Meeting to consider the Wheaton River transaction even if they acquired their shares after December 31, 2004, the record date for the postponed meeting, now scheduled for February 10, 2005. To exercise their right to vote, these Goldcorp shareholders need to take certain steps prior to 5:00 p.m. (Toronto time) on Monday, January 31, 2005.
To vote your shares if you are a shareholder of Goldcorp and you acquired your Goldcorp shares after December 31, 2004, you will need:
(i) a properly endorsed share certificate or other evidence that you are the owner of the shares such as a letter from your broker addressed to Goldcorp certifying that you are the owner of the shares; and
(ii) a letter addressed to Goldcorp demanding that your name be included on the list of shareholders entitled to vote at the Goldcorp meeting.
This completed documentation should be faxed to Kingsdale Shareholder Services Inc. at 1-866-545-5580 (toll free) and then mailed or delivered to Kingsdale Shareholder Services Inc., The Exchange Tower, 130 King Street West, Suite 2950, P.O. Box 361, Toronto, Ontario M5X 1E2.
You should also provide copies of both documents to CIBC Mellon Trust Company at 1-866-781-3111 (toll free) and then mailed or delivered to CIBC Mellon Trust Company, Proxy Department, 200 Queens Quay East, Unit 6, Toronto, Ontario, Canada M5A 4K9.
All documents must be received no later than 5:00 p.m. (Toronto time) on Monday, January 31, 2005.
Glamis also announced today that it has retained Citigroup Global Markets Inc. as co-advisor with Orion Securities Inc. in connection with the Companys take-over offer for Goldcorp. For further information about Glamis premium offer or voting at the Goldcorp meeting, Goldcorp shareholders should contact Georgeson Shareholder Communications at 1-877-288-7946 (toll free in North America).
Glamis Gold Ltd. is a premier intermediate gold producer with low-cost gold mines and development projects in Nevada, Mexico and Central America. The Company remains 100 percent unhedged.
VOTE PURE GOLD
VOTE NO TO WHEATON RIVER
VOTE TODAY
Safe Harbor Statement: Except for the statements of historical fact contained herein, the information presented constitutes forward-looking statements. Forward-looking statements, include, but are not limited to those with respect to, the price of gold, the estimation of mineral reserves and resources, the realization of mineral reserves estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, Glamis hedging practices, permitting time lines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation. Often, but not always, forward-looking statements can be identified by the use of words such as plans, expects, or does not expect, is expected, budget, estimates, forecasts, intends, anticipates or does not anticipate, or believes, or variation of such words and phrases or state that certain actions, events or results, may, could, would, might or will be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Glamis to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, possible variations in ore grade or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labor disputes and other risks of the mining industry, delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled Other Considerations in the Glamis Annual Information Form. Although Glamis has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
This press release does not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any of the securities of Glamis or Goldcorp. Such an offer may only be made pursuant to a registration statement and prospectus filed with the U.S. Securities and Exchange Commission and offer to purchase and circular filed with Canadian securities regulatory authorities. Glamis has filed with the U.S. Securities and Exchange Commission a Registration Statement on SEC Form F-10, and has mailed a take-over bid circular and dissident proxy circular together with any related documents to Goldcorp stockholders concerning the proposed business combination with Goldcorp. WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT, THE TAKE-OVER BID CIRCULAR, THE DISSIDENT PROXY CIRCULAR AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC AND CANADIAN SECURITIES REGULATORY AUTHORITIES, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain the documents free of charge at the SECs website, www.sec.gov or in Canada at www.sedar.com. In addition, documents filed with the SEC and in Canada by Glamis will be available free of charge from Glamis Investor Relations, 5190 Neil Road, Suite 310, Reno, NV 89502, telephone (775) 827-4600.
For further information please contact:
2
Media:
John Lute:
|
Phone: 416-929-5883 | |||
Email: jlute@luteco.com | ||||
Larry Roth:
|
Phone: 732-598-2092 | |||
Email: larryroth@rothir.com | ||||
Investors: |
||||
Glamis Gold Ltd.
|
Website: | www.glamis.com | ||
5190 Neil Road, Suite 310
|
email requests for investor packets to: | info@glamis.com | ||
Reno, NV 89502
|
email questions/correspondence to: | michaels@glamis.com | ||
Michael A. Steeves
|
Phone: | 1-775-827-4600 ext. 3104 | ||
Vice President, Investor Relations |
3
GLAMIS GOLD LTD.
January 27, 2005
Dear Goldcorp Shareholder:
Goldcorp shareholders have a critical decision to make. At the upcoming Goldcorp Special Meeting on February 10, 2005, you have to make the choice of whether combining Goldcorp with Glamis is a better deal for Goldcorp shareholders than combining Goldcorp with Wheaton River. We think the choice is clear. A Glamis/ Goldcorp combination is a better deal. We have previously sent you a Dissident Proxy Circular to solicit your vote at the Special Meeting against the Goldcorp/ Wheaton River combination. If you read our Dissident Proxy Circular and the enclosed supplement to that circular, we think you will agree that the Glamis/ Goldcorp combination is the clear choice. I am urging you to make the clear choice vote AGAINST the Wheaton River transaction and preserve your ability to tender to the premium offer Glamis has made for your shares.
Our Dissident Proxy Circular and the enclosed supplement provide a detailed explanation of why we believe the Glamis/ Goldcorp combination is superior. Simply put:
| Goldcorp is focused on the past it is future performance that drives value and the better future is with Glamis. | |
| A pure gold company is a better investment. A Glamis/ Goldcorp combination is a pure gold play, a Goldcorp/ Wheaton River combination is not. | |
| The Glamis offer will pay you a premium. In the Wheaton River transaction Goldcorp will pay a premium. | |
| Glamis has higher quality mining assets and greater growth prospects than Wheaton River. | |
| Glamis will deliver a superior, accomplished and committed management team that knows how to build and operate mines. |
I urge you to read the enclosed supplement to our Dissident Proxy Circular and welcome any of your questions.
Yours truly,
GLAMIS GOLD LTD.
(Signed) C. Kevin McArthur
VOTE AGAINST THE WHEATON RIVER TRANSACTION
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