CORRECTED-UPDATE 1-Coeur d'Alene makes C$384 mln rival bid for Orko Silver
(Corrects First Majestic offer in paragraph 3 to add "when it made its offer on Dec. 16 but is now valued at C$2.16 as First Majestic's shares have fallen" Removes reference to offer being 2 cents higher than Coeur offer.)
* Coeur proposes to pay C$2.70/Orko share
* Orko agreed to be sold to First Majestic in December
* Orko says Coeur's is a superior proposal
Feb 13 (Reuters) - Coeur d'Alene Mines Corp, the largest U.S.-based silver miner, proposed to buy Canada's Orko Silver Corp for about C$384 million ($383 million), nearly two months after Orko agreed to be sold to First Majestic Silver Corp.
Orko said its board had determined that Coeur's stock and cash offer of C$2.70 was superior to First Majestic's offer of cash and shares.
The First Majestic offer was worth C$2.72 per share when it made its offer on Dec. 16 but is now valued at C$2.16 as First Majestic's shares have fallen.
The cash component of Coeur's offer is 70 Canadian cents per share, compared with the C$0.0001 per share offered by First Majestic.
Coeur's offer represents a 26 percent premium to Orko's closing share price of C$2.14 on the Toronto Venture Exchange on Tuesday. Continued...