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

To: Zardoz who wrote (2676)	2/9/1999 11:54:00 AM
From: Andrew	Respond to of 3282

IMHO nobody else will touch this property with ABX holding 40%. Its not worth to anyone else what its worth to Barrick. ABX will likely throw another offer on the table after they make everyone sweat a while. In the meantime the price could become very attractive. A

To: Zardoz who wrote (2676)	2/9/1999 12:00:00 PM
From: LaFayette555	Respond to of 3282

re "I think you are missing the lesson that others are learning. Who is buying? Hedge speculators. Why? They'll go to ABX and offer their shares to them for $5.00" you said it again pal : the ones whom will have a lesson are the ones selling now ! we will get our price Hutch just wait and see !

To: Zardoz who wrote (2676)	2/9/1999 12:03:00 PM
From: russet	Read Replies (1) \| Respond to of 3282

Hi Hutch: Seeing as speculation is flying, I will add to my correct speculation that someone at the top needed to get the axe (100 or so posts ago) over this botched bid. I'll give you the reason why Barrick probably won't try a lowball bid again. They pissed off the natives so bad with this bid that they now have some problems working in the area with the various governments, local contractors and the like. Barrick will have to lie low for a while and rebuild their reputation. That's what happens when you start believing your own hype. If ARPs management is incompetent, what can be said of Barricks after this deal has callapsed. I hope saner heads can now get on with the job of proving up this resource. I own shares in both companies. The future looks bright for both. russett

To: Zardoz who wrote (2676)	2/10/1999 3:16:00 PM
From: Neil Irwin	Read Replies (1) \| Respond to 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.