Meridian Gold says no white knight seen emerging

Meridian Gold, the target of a unwelcome takeover bid by Yamana Gold , said on Friday that third parties will not make a bid for it.

The mid-tier gold miner nevertheless urged shareholders to continue to reject the Yamana offer, which it says is inadequate.

"Although several parties expressed very serious interest in a potential acquisition of the company, each of them has now informed the company that, for their own internal reasons, they will not be submitting proposals at this time," Brian Kennedy, chairman of Meridian's board of directors, said in a release.

Meridian's shares spiked on Thursday on speculation that a rival offer to Yamana's bid was about to emerge.

Earlier in the week, Canada's main securities regulator ruled Meridian's shareholder rights bill will expire on Sept. 11, on the condition that Yamana's C$3.4 billion ($3.2 billion) bid is extended to that day.

Yamana's bid for Meridian is part of a three-way combination that would see it also add Northern Orion Resources (NNO.TO: Quote, Profile, Research), which it acquired earlier this summer, to the mix.