Barrick Gold has started a hostile bid of 354 million Canadian dollars, or $350 million, for Cadence Energy to lock in cheaper oil prices and get control of soaring production costs, the world’s top gold miner said on Monday.
The all-cash bid — a premium of 10 percent on Cadence’s Toronto-listed closing price on Friday — comes after Cadence has already agreed to a takeover offer of 301 million Canadian dollars from Daylight Resources Trust.
Barrick said its offer was contingent on the completion of due diligence and said it would file a formal offer as soon as possible.
Cadence said in a separate release that it had not entered into any agreement with Barrick and that its board maintains its recommendation for the Daylight Resources offer. (Reuters)
$50.06 (07/15/08)
