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Barrick Increases Tender Offer to Market
Barrick Gold Corporation (NYSE: ABX) announced the fourth extension of its tender offer for NovaGold Resources Inc.(AMEX, TSX: NG). This time the tender offer was increased to US$16.00 per share from US$14.50 per share. Given the trading range of NG’s stock since the tender offer on July 24, 2006, we see the increase as simply offering to buy shares at market. The increased tender offer price remains below the average closing price of NG’s stock since the tender offer of about $16.35 per share. The new expiry is November 7, 2006. See full report.
