Barrick Gold Corp -
NP says Barrick asks B.C. regulator to kill poison pill
Barrick Gold Corp
ABX
Shares issued 376,475,371
1999-01-27 close $27.65
Thursday Jan 28 1999
Also Argentina Gold Corp (ARP)
The National Post reports in its Thursday, Jan. 28, edition that Barrick Gold
yesterday asked the British Columbia Securities Commission to kill Argentina
Gold's poison pill plan because it was introduced too late in the game. The
National Post's Drew Hasselback writes that at a BCSC hearing, lawyers for
Barrick said the shareholders rights plan, implemented by Argentina on Jan. 14,
came 37 days after Barrick made its original takeover offer of $4 a share.
Barrick's lawyers say there's never been a case in Canada in which a poison pill
has been introduced so late. Barrick argued that even yesterday, some 50 days
since the original takeover bid was made, Argentina has failed to find a white
knight to make a rival bid. The plan, or poison pill, could give Argentina more time
to find a rival bid, making a takeover more expensive for Barrick. Barrick already
owns 9.9 per cent of Argentina's shares. Barrick wants to own at least 50.1 per
cent of Argentina's 35.6 million shares, says the National Post. Barrick's latest
offer of $5 expires at 12:01 a.m. tomorrow.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
