ARP - V Argentina Gold Message Board

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Gold/Mining/Energy : ARP - V Argentina Gold

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To: Daytek77 who wrote (1649)	12/13/1998 8:54:00 PM
From: Claude Cormier	Read Replies (1) of 3282

Mon ami...we have two point of view here... Barrick's (my point of view) and Argentina's (your point of view). Barrick has a lot of $$ and is paying. Argentina's has few $$ and is seeking more. << From the press release: "Barrick's offer was rejected. Management expects Barrick to announce its hostile takeover bid shortly." ... ... ... Mr. Vincent Borg reports "Barrick Gold intends to make a takeover bid for all of the outstanding shares of Argentina Gold for $4.00 cash per share. >> Barrick's offers $5.50...which they know is high offer but still wants it for strategic reasons...if ARP's management supports it. ARP say no. Barrick comes back to what is more in line with current and probable value of Veladero. If you are right...tell me why they (Barrick) back tracked to $4 instead of maintaining an hostile bid at $5.50 while waiting for further exploration results...like they did with their first offer at $27 for AQP. Given the fact that Veladero is strategic to Pascua, ABX would not have acted otherwise, unless they are convinced that nobody will match their bid based on current exploration info so far. The difference between $5.50 and $4 is only $50M..which is very small for Barrick..(a few millions of new shares)...it seems ridiculous to do so...unless that is what Veladero is worth. My opinion..of course...and I welcome your counter opinion. CC

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