New Gold's Tender Offer For $350M Merger Falls Short

Law360, New York (July 25, 2013, 4:38 PM EDT) -- Canadian mining firm New Gold Inc., coming up shy on the 90 percent needed to complete its $350 million merger deal with Rainy River Resources Ltd., extended its tender offer period on Thursday in the hopes of collecting the final shares needed to force a full buyout.

As of the end of business on Wednesday, New Gold had secured 89.2 million of Rainy River's common shares, representing an 86.2 percent stake of the precious metals company, according to a regulatory filing.

Since it has secured more...
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