Vaaldiam in dark about Bailey's takeover offer
2010-02-03 17:23 ET - News Release
Mr. Ken Johnson reports
VAALDIAM PROVIDES UPDATE REGARDING PREVIOUSLY ANNOUNCED UNSOLICITED TAKE-OVER BID
Vaaldiam Resources Ltd. has issued this release in order to provide an update with respect to the proposed hostile takeover bid that was announced in Stockwatch on Feb. 1, 2010, by Michael Bailey and entities controlled by him.
As referenced in Vaaldiam's press release of Feb. 1, 2010, Vaaldiam had no prior knowledge of the proposed unsolicited takeover bid. Despite having had one conversation with Mr. Bailey on Feb. 2, 2010, Vaaldiam still does not have any further information regarding the timing of the proposed bid, the conditions associated with such bid or whether the bidding group has the financing in place necessary to complete the bid.
Furthermore, Vaaldiam notes that the proposed bid as set forth in Mr. Bailey's press release of Feb. 1, 2010, does not comply with Canadian securities laws, as such release indicates that his offer will expire on March 1, 2010, which would mean that the proposed bid would not remain open for the required minimum 35 days.
Although we may receive further information in the coming days, at this time we would caution investors not to place undue reliance on the proposed unsolicited takeover bid when considering an investment in Vaaldiam shares.
We seek Safe Harbor.