Stillwater May Be Targeted for a Buyout, Business Week Reports
Denver, Oct. 17 ( Bloomberg ) -- Stillwater Mining Co., the only U.S. producer of platinum and palladium, may be targeted for a takeover by Anglo American Plc and Barrick Gold Corp., Business Week reported in its ``Inside Wall Street'' column.
Both companies have privately expressed interest in acquiring Stillwater, whose shares have fallen even as the price of palladium and platinum soared, the magazine said, citing people close to investment banks advising mining companies.
Stillwater could be worth close to $100 a share, based on its metal reserves and properties, according to Stephen Leeb, editor of the Personal Finance market letter, the magazine said.
Stillwater, which closed at $24.72 today, could fetch at least $40 a share in a buyout, Leeb said, according to Business Week. ``Shareholders would be disappointed if they don't get at least $40 a share,'' Business Week quoted him as saying.
( BW 10/17 )
Oct/17/2000 16:58 ET
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