Antwort auf Beitrag Nr.:
43.308.439 von piecesof8 am 21.06.12
Extorre shareprice flirts with bidding war territory
Extorre Gold Mines has been trading at heights suggesting some
buyers see another offer coming over Yamana's recent bid for
Author: Kip Keen
Posted: Wednesday , 20 Jun 2012
Yamana takeover not without 'mixed feelings' - Extorre
Yamana makes C$414 million bid for Extorre
Extorre looks to high-grade open pits to fund Cerro Moro
Extorre climbs on expanded gold-silver mining
Cerro Moro gets deeper for Extorre
HALIFAX, NS (MINEWEB) -
Over the past couple days since Yamana Gold (TSX, LSE, NYSE: AUY)
made a friendly takeover bid for Extorre Gold Mines (TSX: XG) as
reported in these pages, Extorre's shareprice has ticked just above
or tracked around parity with the value of Yamana's offer.
Yesterday, Extorre shares traded at C$4.29 whereas the offer was
shaking out around C$4.28 per share. Today, the two were closer to
Translation: Some speculators are betting a better offer is in the
works for Extorre. Why else trade your cash for shares that could
be worth either less or the same amount of cash if the Yamana deal
No, these are not insane, outsized bets. Market buyers are not
signalling they are so sure about another offer coming that Extorre
shares are worth a lofty premium to Yamana's own premium bid to a
stock that has tumbled heavily in the past year.
But it is still firm evidence some investors see a bidding war
looming on the horizon.
At parity buying Extorre shares is saying you believe, at the very
least, you'll almost surely get your money back. And if another bid
comes, well, Bob's your uncle.
Further, even at parity, it's worth noting these bets come with
some risk. Though it may seem unlikely, it is possible the
deal falls through for some unforeseen reason. Or the value of
Yamana shares as part of the takeover bid - 0.0467 a Yamana share
for each Extorre share, plus C$3.50 in cash - could fall. Under
these circumstances buyers of Extorre at parity now lose later.
As for additional bids, the going logic would be for a gold
producer with Argentine operation, AngloGold Ashanti or Goldcorp as
examples, to enter the fray. Two factors point in this direction.
Argentina has tough rules making it hard to get cash out and hard
to get equipment in. Of note, if a gold producer were looking to
build mining synergies, AngloGold is closest to Extorre's chief
asset, the high-grade Cerro Moro gold-silver project, with its
Cerro Vanguardia mine just over 100 kilometres to the west.
At this point, however, above board market speculation in Extorre
shares can only be guess-work about whether such additional offers
AngloGold didn't respond to a request for comment, though for what
it's worth, a Goldcorp spokesperson did kindly respond in form
language by email to the question, "Has Goldcorp ruled out making a
bid for Extorre?"
Answer: "We can't comment on requests for information about
specific M&A opportunities," Goldcorp's Christine Marks said.
"What I can tell you is that the company is continuously evaluating
opportunities that align with our strategic objectiveswould
consider all opportunities that get us closer to achieving our goal
of creating value for all our stakeholders."
If you read tea leaves, in this statement you might divine Goldcorp
has not ruled out a run at Extorre. After all, why not just say no
if that be the case? But, then, if you prefer to steep rather than
read your tea leaves, it means nothing special.
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