The Globe and Mail reported April 25 that Barrick Gold Corp NYE:ABX has offered to buy Equinox Minerals Limited TSX:EQN for $7.68 billion in cash. Equinox investors will receive $8.15 per share—a 16% premium on the recent hostile takeover bid by China’s Minmetals Resources Ltd. It remains to be seen whether Minmetals will continue a bidding war, but Equinox has abandoned its hostile takeover attempt of Lundin Mining Corporation TSX:LUN.
Barrick President/CEO Aaron Regent commented, “It is very rare that assets like this come on the market. Most major copper mines tend to be tied up by major producers. We are a stronger company as a result and we should have a stronger growth profile in terms of total metal produced.”