GREY:ATNAQ - Post by User
Comment by
jsnfernleyon May 29, 2007 11:28pm
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Post# 12861093
RE: LIKELY
RE: LIKELYBarrick might try this, but I think they would have a hard time pulling it off. Their attempted takeover of Novagold failed miserably, but out of spite they bought Pioneer so that the Galore Creek mine couldn't use the Grace property as a tailings/waste dump.
I think they would be more apt to try and buy Atna's 70% (1.234m ounces) for US$75 to $100 per ounce, which would equate to about US$1.38/US$1.48 to US$1.83/C$1.97.
I think they would fail. Atna is a favorite of both John Kaiser and Doug Casey. Management doesn't own that much stock, but I think there's a pretty loyal shareholder base. For Barrick to buy it for $30m would imply an offer of $.44 (with 67,280,000 shares fully diluted).