Goldcorp Matches Rival Bid for Canplats - TheStreet

VANCOUVER, British Columbia (


) --



, the Canadian gold producer, raised its bid a second time in about a week for mining company

Canplats Resources

, matching an offer from rival bidder

Minera Penmont


Goldcorp's increased offer won the support of Canplats, which recommended shareholders accept the offer.

"The Penmont proposal is of no further effect because Goldcorp has exercised its right to match," Goldcorp said in a statement.

Canplats issued a press release Sunday saying it had received a

sweetened offer

from Minera, a joint venture of Mexico-based silver miner



Newmont Mining

(NEM) - Get Report

. Penmont's original bid for Canplats was made earlier in December, which Goldcorp subsequently matched.

Goldcorp now proposes paying 4.80 Canadian dollars a share, made up of 4.60 Canadian dollars a share cash plus shares of a newly formed company that will hold Canplats' Mexican exploration assets. Goldcorp's offer is valued at about $270 million, according to reports.

Goldcorp originally struck a deal to buy Canplats in November, an all-stock offer that valued Canplats at 3.60 Canadian dollars a share. A provision allowed other bidders to enter the process, but under the terms of the initial agreement Goldcorp had only to match a rival bid in order to cement a deal.