It happened so fast. Eldorado placed a bid for Andean resources last night. Then overnight, Goldcorp announced a better bid. Andean accepted Goldcorp's bid and Eldorado is no longer in the running.
Eldorado's bid was a share offer. Were they purposefully running up their share price so their bid would look more attractive? Wall Street Analysts believe ELD was manipulating their share price to the upside so their offer would look more attractive to Andean, however Gold corp still came out ahead. This could put pressure back on ELD shares as there is no catalyst to drive them higher for the time being.
