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Anaconda Mining eyes hostile bid for Maritime Resources

Anaconda Mining Inc. on March 19 announced its intention to make an unsolicited offer to acquire Maritime Resources Corp.

Anaconda intends to offer 0.364 of a common share for every Maritime share, implying a value of 14 Canadian cents per share in the takeover target. The company said it has not yet made an offer and may decide not to proceed with a bid.

Anaconda said it is taking the offer to Maritime shareholders, as the target company rejected its takeover proposal initially made Jan. 29.

Maritime owns the Green Bay, Hammerdown, Whisker Valley and El Strato gold projects in Canada.