Teck Cominco comes back with $89 bid for Inco

[CHIMO]

Teck Cominco comes back with $89 bid for Inco
Last Updated Tue, 15 Aug 2006 17:16:45 EDT
CBC News

Vancouver's Teck Cominco Inc. came back Tuesday with a higher offer for Inco Ltd., a week after pulling out of the bidding because the stakes were getting too high.

Teck Cominco valued its latest bid at $89 a share or $17.8 billion, up from its previous $82.50, topping bids by Brazil's CVRD and Phelps Dodge Corp. of the United States by a small margin.

Investors will be able to opt for a mixture of cash and Teck Cominco shares.

The Teck Cominco offer will include a minimum of $71.20 in cash, or 80 per cent of the value of the offer, and a maximum of 20 per cent of Teck Cominco class B subordinate voting shares.

http://www.cbc.ca/story/business/national/2006/08/15/teck-tues.html