Agoracom: Small Cap Investment - Equinox Minerals - Minmetals' Equinox bid tied up by financing, exchange red tape

Welcome To The Equinox Minerals HUB On AGORACOM

Copper and Uranium mine in S. Africa

Dear Agoracom Family,

I want to thank all of you for your patience with us over the past 48 hours and apologize for what was admittedly a botched launch of our new site.

As you can see, we have reverted back to the previous version of the site while we address multiple forum functionality flaws that inexplicably made their way into the launch.

To this end:

1.We have identified 8 fundamental but easily fixable flaws that will be corrected in the coming week, so that you can continue to use the forums exactly as you've been accustomed to.

2.Additionally we will also be implementing a couple of design improvements to "tighten up" the look and feel of the forums.

Sincerely,

George et al

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Minmetals' Equinox bid tied up by financing, exchange red tape

posted on Apr 25, 2011 04:13PM

BOYD ERMAN
RTGAM

Minmetals Resources' official bid for Equinox Minerals is still nowhere to be seen, and now Minmetals has some serious competition in the form of a planned $7.3-billion bid from Barrick Gold Corp. that blows the Minmetals proposal out of the water.

So where is the Minmetals bid for Equinox ? To recap, Minmetals said on April 3 it would be mailed in three weeks. That deadline came and went Sunday. The problem, according to those in the know, is that despite Minmetals trumpeting in a press release that it had financing lined up, it wasn't fully documented. And that means no bid under Canadian rules, which require unsolicited bids to be fully financed.

Then, the foot-dragging on the financing caused the company to run into the four-day Easter long weekend in Hong Kong. That was a problem because it meant the bid couldn't get a required review from the Hong Kong Stock Exchange, where Minmetals is listed. That means that Minmetals is looking at a little later this week at the earliest.

Barrick , by contrast, is moving a little faster. It plans to mail its offer Tuesday, one day after announcing it.

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