Business
Teck Cominco announces extension of bid for Inco Limited
Teck Cominco announces extension of bid for Inco Limited.
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, July 21 /CNW/ - Teck Cominco Limited (TSX - TCK.A; TCK.B; NYSE\n- TCK) today announced that it has extended the expiry date of its offer to\nacquire all of the outstanding common shares of Inco Limited (TSX, NYSE-N)\nuntil 8:00 p.m. (Toronto time) on August 16, 2006. The offer was announced on\nMay 8, and was mailed to Inco shareholders on May 23.\nThe new expiry date of the offer coincides with the date on which the\nInco shareholder rights plan will be cease traded pursuant to an order issued\non July 20, 2006, with the consent of Teck Cominco and Inco, by the Ontario\nSecurities Commission.\nTeck Cominco President and CEO, Don Lindsay, said: \"We continue to\nmonitor the progress of the bidding for Falconbridge. As market conditions\nevolve we will weigh any possible changes in our offer for Inco carefully\nagainst other potential transactions, and we remain committed to a disciplined\napproach to any transaction.\"\nTeck Cominco will also amend the terms of its offer to extend the time\nfor deposit of Inco common shares for 10 business days after it first takes up\nand pays for Inco shares under the offer. U.S. federal securities laws\napplicable to the offer do not permit a tender offer offering cash and shares\nsubject to proration to have more than one take-up date. Teck Cominco applied\nfor, and received from the U.S. Securities and Exchange Commission, relief\nfrom this rule, permitting it to amend its offer in this manner.\nAll other terms and conditions of the Teck Cominco offer will remain\nunchanged. Teck Cominco expects to mail a notice of variation reflecting the\namendment on or about July 25.\nAs at 5:00 p.m. (Toronto time) on July 21, 2006, approximately\n1.35 million Inco common shares had been deposited to the Teck Cominco offer\nand not withdrawn.\n\nImportant Notice\n\nThis press release may be deemed to be solicitation material in respect\nof Teck Cominco's proposed tender offer for the shares of Inco. On May 23,\n2006, Teck Cominco has filed the following documents with the Securities and\nExchange Commission (\"SEC\") in connection with its offer to purchase all of\nthe outstanding common shares of Inco: (1) a Registration Statement on Form\nF-10 (containing an offer to purchase and a share take-over bid circular) and\n(2) a tender offer statement on Schedule T-O.\n\nInvestors and sh...