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Gold/Mining/Energy : ARP - V Argentina Gold -- Ignore unavailable to you. Want to Upgrade?

To: John BOYCE who wrote (2396)	1/30/1999 2:51:00 PM
From: Link Lady	Read Replies (2) \| Respond to of 3282

Who is this broker working for? Why would one tender to Barrick when you can get more on open market??? news.com Barrick Closer to Argentina Gold Takeover as Defense Quashed Bloomberg News January 28, 1999, 10:49 a.m. PT Barrick Closer to Argentina Gold Takeover as Defense Quashed Toronto, Jan. 28 (Bloomberg) -- Barrick Gold Corp. said the British Columbia Securities Commission struck down Argentina Gold Corp.'s defense against Barrick's hostile takeover bid. The securities watchdog ordered Vancouver-based Argentina Gold to cancel its anti-takeover defense plan, which gave the company until Feb. 19 to seek other offers. Barrick's C$160.4 million (US$105.1 million) bid expires at midnight tonight. Argentina Gold urged shareholders again to reject the offer. Toronto-based Barrick made its original offer of C$4 a share on Dec. 9, and boosted its bid to C$5 per share ten days ago. Argentina Gold's directors have recommended that shareholders reject both of the bids from Canada's largest gold miner, saying in a recent release that the bids were ''inadequate, opportunistic and coercive.'' ''We are extremely pleased by the decision of the B.C. securities regulators to allow the shareholders of Argentina gold to make their own decision,'' said Paul Melnuk, president and chief executive officer of Barrick. ''It was obviously time for the 'poison pill' to go.'' At least 50.1 percent of Argentina Gold shareholders must tender their shares to Barrick by midnight tonight for the offer to succeed. Shares of Argentina Gold, a Canadian exploration company that owns a rich gold deposit adjacent to Barrick's Pasqua deposit on the Argentine-Chilean border, fell C$0.30 to C$5.20. Argentina Gold was cut to ''sell'' from ''hold'' by analyst Russ Cranswick at Research Capital Corp, who advised clients to sell the stock or tender to Barrick's C$5 offer today. Barrick rose C$0.35 to C$28.20 on early afternoon trading of 2.4 million shares. --Maya Teleki in the Toronto newsroom (416) 364-7300\mc