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

To: tanoose who wrote (2550)	2/5/1999 9:49:00 AM
From: Mr. Oil	Respond to of 3282

Hi Frank, >>I don't believe you mentioned it, but as Claude said where is the competing bid, we all know this is what it will take to push the price higher??<< You are right! We do need a competing bid to push the price higher. I did menetion however in my post to Claude that there are still companies doing their dd on site so it is still too early to rule out a competing bid. I know it would be nice to have it now but the competitors are not doing this for our benefit or on our time schedule. They will do it when and if they think they are ready. While ARPs back is not to the wall and there is time there is no need for them to dance. If we want to see the fireworks we have to stay till the end of the show. That is one reason why Disney does so well! Your statements re conflicting positions. >>We don't have a competing bid, because they are waiting to prove up more resources?? vis a vis Barrick has to offer more because they have proved up more than when they originally offered??<< I don't think they are mutually exclusive. If you are buying a business, real estate or anything you have it appraised usually before making your offer or at least you make an offer subject to an appraisal. Companies spending $200 m or more would and should do the same. Waiting to see what is there makes sence if you have the luxurary of time. They do now and they are probably waiting for that reason. If there is not enough proven up then there will not be another bid. If enough is proven up then there most certainly will be another bid. Time...thats all we need. ABX on the other hand made their bid based upon lower proven resource. Now that it is proved to be greater than they originally estimated they should pay more. They are the ones making the hostile bid. This was not invited. The basis for their offer has changed to the benifit of ARP shareholders. Either ABX increased the bid or must take the reputation of trying to buy ARP with a STINK bid. FWIW Ray