ARP - V Argentina Gold Message Board

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Gold/Mining/Energy : ARP - V Argentina Gold

ARP 32.02

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Nov 12 3:36 PM EST

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To: Zardoz who wrote (2676)	2/10/1999 3:16:00 PM
From: Neil Irwin	Read Replies (1) of 3282

Some comments I'd like to post in response to several thoughts 1. Barrick has had previous aborted takeovers. I hate to draw the comparison, but they tried to takeover Bre-X at $1 per share in March 1993. This was at the early stages of the Bre-X affair and before their failed attempt to JV Busang. Neither attempt was successful, although we don't really know why the JV failed. 2. Did I hear Patricio Jones say "20 million ounces plus, plus, plus"? ;-)) 3. Barrick says that $5 is a "full and fair" price and "more than generous". This means that it expects future revenue to pay back all costs (purchase, capital and production), and still meet its internal rate of return targets for profit. If ARP can work out a deal to share capital costs with Pasqua and incorporate the same synergies that ABX wanted to use, this would mean that ABX believes the NPV of ARP is at least $5 plus the expected profit. 4. IMHO, the only way ABX would take over ARP, if they tried again, would be with a lock-up agreement from management (Lundins et al). And talking about mergers: Xerox will merge with Wurlitzer - their product will be reproductive organs! Netscape will merge with Yahoo! and move to Israel - their name will become Netanyahu! Dejour Mines and Gerle Gold will merge to become Gerle Dejour! Carl Icahn will buy Eicon Technologies and name it after himself Old Kent Financial (OK on NYSE) will buy Corel Corp to become OK Corel Any others? ;-) Neil.

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