Hecla intensifies battle for Canadian rival | News
An Idaho mining company is taking its hostile bid for a Canadian rival to that company's shareholders, urging them to reject a separate offer.
Hecla Mining Co. of Coeur d'Alene contended Monday that its $110 million offer for Canada-based U.S. Silver Corp. is superior to a rival proposal from RX Gold & Silver.
That's after U.S. Silver directors advised shareholders they should stick with the previously-planned transaction with RX Gold, on grounds Hecla's proposal doesn't afford them sufficient opportunity to participate in future gains.
Hecla President and Chief Executive Officer Phillips Baker countered that his company's offer was better than RX's plan.
In a press release following U.S. Silver's recommendation, Baker advised that company's shareholders to take matters into their own hands -- and reject Toronto-based RX's proposal by Thursday.