OTHER NEWS - Aug. 12, 1994

Hostile Bid Rejected: Toronto-based Lac Minerals said it turned down a sweetened $1.74-billion bid from Royal Oak Mines Inc. Vancouver, Canada-based Royal Oak had raised its bid to $3.60 in cash plus two of its shares for each Lac share, valuing the offer at $12 a share--a 45% premium to Lac’s market price before Royal Oak’s first bid was made July 7. Lac said it was concerned about the value of the stock being offered, the dilution to be suffered by stockholders because of the large amount of shares in the bid and the debt-heavy balance sheet of a combined company.