March 22, 2019 / 1:56 PM / 8 months ago

BUZZ-Goldcorp: Drops as Paulson decries Newmont bid

** Goldcorp’s US-listed shares drop 1.5 pct to $11 in heavy trading, while rival Newmont Mining off 0.1 pct

** Paulson & Co Inc, one of NEM’s top shareholders, says will not support Newmont’s planned $10 bln takeover of Goldcorp as the premium offered is unjustified

** Founder John Paulson says deal dilutive to NEM holders and only GG shareholders would benefit from synergies

** Newmont on Jan.14 offered to buy Goldcorp for 0.3280 in stock and $0.02 in cash per share, which equated to $11.46/share

** NEM shares have slipped 1.3 pct since then through Thurs. close, while GG has jumped 13.5 pct

** At current prices, NEM offer values GG at $11.27/ GG shr

** Paulson ready to back offer that gives GG holders a max of 0.254 NEM shares, which takes value of bid to $8.73/ GG shr

** Over 18 mln GG shares traded, most active among US stocks, while NEM vols of over 6 mln makes them 10th most active (Reporting by Savio D’Souza)

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