Barrick Gold (ABX) Submits Formal Offer of $410 Million to Cadence Board
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Barrick Gold Corporation (NYSE: ABX) announced it has submitted a binding all cash offer of $6.75 per share for a total cost of $410 million to the Board of Directors of Cadence Energy Inc.
Barrick's offer to acquire Cadence is an innovative response to energy cost challenges facing the mining industry. Cadence's production is expected to provide a long term economic hedge of about one-quarter of Barrick's annual direct oil consumption and a considerable portion of its natural gas consumption.
The offer is open for acceptance by the Board of Directors of Cadence until 6:00 p.m. (Calgary time) on Monday, July 21, 2008.
Barrick's vision is to be the world's best gold company by finding, acquiring, developing and producing quality reserves in a safe, profitable and socially responsible manner.
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