Canada's International Royalty Corp said on Tuesday Royal Gold's C$749 million ($719.5 million) offer to buy the company is superior to Franco-Nevada's unsolicited bid.
International Royalty also asked its shareholders to reject Franco-Nevada's C$6.75 a share offer.
On Dec. 18, U.S. mining royalty company Royal Gold launched a white-knight bid for International Royalty, hoping to top a C$640 million offer by Franco-Nevada.
International Royalty shares, which have gained more than 80 percent in the last one month, closed at C$7.62 Thursday on the Toronto Stock Exchange.
($1=1.041 Canadian Dollar) (Reporting by Krishna Chaithanya in Bangalore; Editing by Maju Samuel)