Bidding war for Guyana Goldfields heats up

MINING.COM | Takeover target Guyana Goldfields (TSX:GUY) said it has received a proposal from a “foreign-based multinational miner” valuing the company at C$323 million ($240m), which it’s 35% higher than what Silvercorp Metals’ offer.

The Canadian firm was first approached by Silvercorp (TSX, NYSE: SVM) in April, which put forward a C$105 million (C$75m) cash and stock deal. The transaction would create a diversified precious metals producer with two silver mines in China and a gold operation in Guyana.

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