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Barrick's Fifth Extension Set to Expire Tuesday
We retain our Buy recommendation for shares of NovaGold Resources Inc. (AMEX, TSX: NG) and 12-month price target of US$27 per share. We maintain our opinion that the tender offer by Barrick Gold Corporation (NYSE: ABX) at US$16 per share is unsupportable. We also believe the manner in which the tender offer for NG has been conducted demonstrates hostility toward NG shareholders and NG management’s efforts to create value. We see the number of shares to be acquired as a nuisance, much in the same manner as we view ABX’s acquisition of Pioneer Metals Corporation’s (TSX: PSM), a matter that should be settled at some point in the future. See full report .
