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A stack of gold bars.
A stack of gold bars.
(MICHAEL DALDER/REUTERS)

Chaparral Gold says it controls enough shares to block hostile bid

Arizona-based Chaparral Gold Corp. said on Thursday that it controls enough shares to block a hostile bid from Toronto-based private equity firm Waterton Global Resource Management.

Chaparral directors, management and shareholders representing more than 50 per cent of its outstanding shares have indicated that they will not tender their stock to Waterton’s $58.8-million offer, the company said in a statement.