The two Vancouver bids last Friday are a bit sus. because the bids came within 24 hrs of oneanother from goldminers based in the same city. If this were a house real estate offer you would say that the first bid was not a serious offer but just a vendor softener and that the second was lowball which they knew that that the board would accept.
It seems unusual for the Andean board to accept Goldcorps first offer within hours of recieving the first offer and with a 1% penalty if Andean accepts a subsequent better offer. And all this happens within 24 hrs!
With a bit of luck one of the other majors will come in over the top and blow Goldcorp out of the water.
One way or another, shareholders have to seriously ask if our board has had shareholders best interests a heart by accepting the Goldcorp bid right away with the 1% penalty.
In my opinion it would have been better to leave Goldcorps offer on the table over the weekend without comment.
Moorooka Mick
AND Price at posting:
$6.40 Sentiment: Hold Disclosure: Held