take-over bid by Vancouver-based Glamis Gold Ltd.

Glamis' bid was $97.2 million or 83 cents cash and .4 of a common share for each of the 22.56 million shares outstanding of Eldorado.

The offer values Eldorado's shares at $4.04.

Eldorado rose to CAN $6 in trading on Tuesday, a 52-week high, after the announcement. Eldorado produces about 20,000 ounces of gold from a Mexican mine while Glamis has a annual gold output of 104,000 ounces from three mines in California.

"The combines company will be better able to compete for gold properties in North America and abroad and Eldorado shareholders should realise increased liquidity by owning Glamis shares,'' said Glamis vice president of administration Mr. James Billingsley.

Eldorado shareholders approved a "poison pill'' in the form of a rights plan less than a hour before the takeover was announced.

The poison pill increased the cost of a take-over.

Bermuda-registered Eldorado held a meeting in Vancouver earlier this week to consider the bid and Bloomberg business news reports the company's board will "in due course, offer an opinion to shareholders.''