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The most recent proposal was for a negotiated buyout at C$13,06 – [url=http://www.achbanker.com/home.php]hollister france[/url] below [url=http://www.getconversational.com]hollister france[/url] the current offer price of C$12,63 – he said.
"Discussions are ongoing and Ventana has established an electronic data room for purposes of providing confidential information to third parties who have entered into confidentiality agreements," he said
Fowler said Ventana is likely worth more that the C$12,63 a share EBX is offering. He has a price target of C$15,00 a share on [url=http://www.sandvikfw.net/shopuk.php]hollister outlet sale[/url] the stock.
It also argued that its earlier approaches to Ventana mean the company's board has had ample time to find alternative transactions.
Orr revealed that EBX approached Ventana three times since November 2009, with [url=http://www.jordanpascherofficiel.com]air jordan pas cher[/url] proposals for a friendly takeover agreement.
A recent scoping study [url=http://www.vivid-host.com/barbour.htm]barbour uk[/url] estimated the capital cost to build the operation at just below $300-million, which a company of its size – Ventana had a market capitalisation of around C$1,36-billion at the close on Thursday – would not have trouble raising, Orr said.
Although the firm has hired advisers to look at alternative deals or bidders, Orr also emphasised that Ventana feels it is capable of developing the La Bodega project itself.
"If the AUX offer is terminated, withdrawn or is otherwise unsuccessful, AUX expects that Ventana shareholders will lose the premium currently reflected in the value of their shares."
"Any of the big gold companies could be interested," including AngloGold Ashanti, which already has properties in Colombia, as well as industry leader Barrick Gold.
The La Bodega project is expected [url=http://www.americatownmovie.com]air jordan pas cher[/url] to require preproduction capital of $297-million, with average annual production estimated at 301 000 oz of gold, 1,4-million ounces of silver and 6,9-million pounds of copper in the first six full years of operations, according to a scoping study Ventana published in October.
Warke said [url=http://www.mansmanifesto.fr]doudoune moncler homme[/url] on Thursday that Ventana is talking to a [url=http://www.achbanker.com/home.php]www.achbanker.com/home.php[/url] number of parties, including groups that have visited the La Bodega site in the past, or who have "expressed an interest in considering a transaction".
The offer received last month "undervalues Ventana, is opportunistic and deprives shareholders of full value", Ventana chairperson Richard Warke said in a letter to shareholders on Thursday.
AUX said in a statement that it does not intend to raise its offer.
EBX, which is controlled by Brazilian billionaire Eike Batista, said in November it already indirectly owned about 20% of Ventana on a fully diluted basis, and that it would offer C$12,63 a share for the balance of the shares.
Orr said on Thursday that the firm is aiming to double the resource estimate to seven-million ounces within the next 18 to 24 months, and expects to see the resources move up into the measured and indicated categories.
"AUX believes this to be full and fair consideration for the Ventana shares," the firm said.
"There are any number of companies that could be interested in Ventana's deposit," he said.
Ventana's main asset is the La Bodega gold [url=http://www.achbanker.com/home.php]hollister[/url] project in Colombia, for which the company published an initial 3,5-million-ounce inferred resource in October.
DATA ROOM ESTABLISHED
Ventana has an attractive asset, and it is likely the company will receive higher bids to rival [url=http://www.vivid-host.com/barbour.htm]www.vivid-host.com/barbour.htm[/url] EBX, Loewen, Ondaatje, McCutcheon Limited analyst Michael Fowler said in an interview.
Shares in the company rose 1,8%, to C$13,28 apiece by 16:00 in Toronto. The stock has traded above the offer price since AUX announced its plans on November 17.
TORONTO ( – Canadian gold junior Ventana Gold has recommended that shareholders reject an unsolicited takeover offer from AUX Canada Acquisition, a firm controlled by Brazil's EBX Group, and said it is looking at options for other transactions.
The offer is “opportunistic” and the premium being offered is “simply inadequate”, Ventana CEO Steve Orr said on a conference call.
Colombia's young gold sector is drawing increasing interest from investors, and Ventana was a [url=http://www.davidhabchy.com]barbour outlet[/url] market favourite in 2009, as it reported strong drilling [url=http://www.1855sacramento.com/woolrich.php]woolrich parka[/url] results from La Bodega.
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