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Gold/Mining/Energy : Pangea Goldfields T.PGD
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To: George J. Tromp who wrote (1159)7/7/2000 5:51:43 PM
From: kidl   of 1178
 
Barrick mails acquisition offer to Pangea
Pangea Goldfields Inc PGD
Shares issued 24,700,000 Jul 6 close $6.90
Fri 7 Jul 2000 News Release
See Barrick Gold Corp (ABX) News Release
Mr. Ian MacNeily reports
Barrick Gold has mailed its formal offer to acquire the outstanding common shares of Pangea Goldfields. The offer is open for acceptance until 12:01 a.m. (local time) on July 28, 2000.
The board of directors of Pangea has unanimously approved the Barrick offer, has recommended the offer to its shareholders and is co-operating with Barrick to implement the transaction. All of the directors and officers of Pangea have agreed to tender their shares, which combined with Barrick’s current holdings represent approximately 20 per cent of Pangea on a fully diluted basis.
The cash offer of $7.00 per Pangea share represents a 52-per-cent premium based on the June 27, 2000, closing price ($4.60) on the Toronto Stock Exchange. The value of Barrick’s offer represents $204-million for the approximately 29.2 million Pangea shares on a fully diluted basis. The offer is conditional on Barrick acquiring at least two-thirds of Pangea common shares on a fully diluted basis, and has other conditions of a usual commercial nature.
© Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com
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