CORRECTED-UPDATE 1-Coeur d'Alene makes C$384 mln rival bid for Orko Silver

Wed Feb 13, 2013 8:54am EST
 
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(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...