Newmont Mining to pay special dividend if Goldcorp takeover approved
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Newmont Mining to pay special dividend if Goldcorp takeover approved

A Goldcorp sign is pictured at the Goldcorp annual general meeting in Toronto on May 2, 2013. Newmont Mining Corp. says it will pay a one-time special dividend of 88 cents per share, conditional upon approval of its takeover of Goldcorp Inc. The company says the dividend will be paid to Newmont shareholders of record as of April 17, which is prior to closing of the proposed Newmont Goldcorp combination. THE CANADIAN PRESS/Aaron Vincent Elkaim

DENVER — Newmont Mining Corp. says it will pay a one-time special dividend of 88 cents per share, if its friendly takeover of Goldcorp Inc. gets shareholder approval.

The dividend is conditional upon the approval of the deal by both Newmont’s and Goldcorp’s shareholders.

Newmont shareholders vote on April 11, while Goldcorp shareholders vote April 4.

If the conditions are met, the special dividend would be paid on May 1 to Newmont shareholders of record as of April 17, which is prior to closing of the proposed Newmont Goldcorp combination.

Concerns about the deal have been raised by some shareholders, including hedge fund giant Paulson & Co. Inc. which says the premium offered to Goldcorp shareholders is unjustified given the company’s poor performance.

The investment firm, which holds 14.2 million shares in Newmont, has said it does not support the current takeover bid but could change its stance if the premium is adjusted.

 

Companies in this story: (TSX:G)

The Canadian Press

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