Barrick fails in bid for NovaGold [UPDATE]
Dec 07, 2006 | 08:44 AM
| Matthew Lerner
[adds NovaGold comments]
Barrick Gold Corp., Toronto, has concluded its $16-per-share, $1.7-billion offer for NovaGold Resources Inc., Vancouver, British Columbia, after acquiring only 13.6 million shares, or 14.8 percent of NovaGold.
While Barrick's stake now makes it NovaGold's largest shareholder, Barrick had raised its offer from $14.50 per share, extended it six times, and dropped its minimum tender condition before ultimately failing to take over NovaGold.....
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