DoubleD
Barrick would have to disclose to the administrator if they had purchased 10% or more of a companys shares on the open market, and any subsequent 2% accumulation. Barrick may have more than 10 % now from the takeover bid, but this cannot be disclosed until the bid expires, the announcement as to whether ABX has succeded or not comes from the RExchange as they will do the counting, I believe just to keep everybody honest.
The tendered shares cannot be opened until the bid expires, in the first case that would be after 21 days, with this bids extension opening will be on the 9th january, at this point Barrick won't know how many shares they have.
But they can not be purchasing on the open market, I can't find a rule that says specifically that, but the rules still say disclose after 10 %. If that is not enough, then try this. The rules say that any higher offer has to be paid to all tendered shares, therefore I think that if Barrick were trying to purchase in the open market and have done so the price they have been paying is higher than the $5 offered. Ther would be two rules broken here 1. disclosure after 10% and 2 not offering the higher price to everybody.
Also as for other aquirers if there are any, they would at this point have to disclose any purchase once it reaches 5% and again with every 2% thereafter. hope it helps and doesn't confuse everybody, this is not easy reading. something like watchiung paint dry.
Elmer |
