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WASHINGTON - Shares in Canadian prospector Ventana Gold surged by more than 36 percent on Wednesday after in confirmed an unsolicited buy-out offer from EBX Group, its largest stakeholder.
The Brazilian investment fund offered 12.63 Canadian dollars ($12.35) for shares of Ventana that it does not already own. That's a 26 percent premium over Tuesday's closing price of CA$10.03. The offer values Ventana's total equity at about CA$1.5 billion.
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EBX already owns about 20 percent of Ventana's common shares through its subsidiary 63X Master Fund.
Ventana, based in Vancouver, B.C., said it has engaged outside advisors to help it respond to the bid. It will seek the best possible value for shareholders, the company said.
EBX is controlled by investor Eike Batista, the eighth-richest person in the world, according to Forbes Magazine. His father served as Brazil's mining minister.
Batista helped Ventana acquire the rights to develop two resource-rich tracts in Columbia earlier this year. He helped beat back a legal challenge from one of the landowners, Ventana said in a May release.
Shares of Ventana Gold Corp. rose CA$3.63 to CA$13.66 in Toronto, where its shares are traded. Shares traded as high as CA$14.13 just after Wednesday's open.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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https://sites.google.com/site/goldandsilver2012/latest-gold-news/v
WASHINGTON - Shares in Canadian prospector Ventana Gold surged by more than 36 percent on Wednesday after in confirmed an unsolicited buy-out offer from EBX Group, its largest stakeholder.
The Brazilian investment fund offered 12.63 Canadian dollars ($12.35) for shares of Ventana that it does not already own. That's a 26 percent premium over Tuesday's closing price of CA$10.03. The offer values Ventana's total equity at about CA$1.5 billion.
go to
https://sites.google.com/site/goldandsilver2012/latest-gold-news/v
EBX already owns about 20 percent of Ventana's common shares through its subsidiary 63X Master Fund.
Ventana, based in Vancouver, B.C., said it has engaged outside advisors to help it respond to the bid. It will seek the best possible value for shareholders, the company said.
EBX is controlled by investor Eike Batista, the eighth-richest person in the world, according to Forbes Magazine. His father served as Brazil's mining minister.
Batista helped Ventana acquire the rights to develop two resource-rich tracts in Columbia earlier this year. He helped beat back a legal challenge from one of the landowners, Ventana said in a May release.
Shares of Ventana Gold Corp. rose CA$3.63 to CA$13.66 in Toronto, where its shares are traded. Shares traded as high as CA$14.13 just after Wednesday's open.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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https://sites.google.com/site/goldandsilver2012/latest-gold-news/v
by
http://www.cnbc.com/id/40238261
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