UBS research note on PIR titled "Going cheap". Basically says that B2 offer is too low and does not value PIR's exploration upside- ie the likelihood of Fekola growing to 10m oz over time. UBS says no control premium was paid to PIR's NPV and that compared with B2's recent acquisitions (eg Masbate) is cheap. Competing bidders may include Randgold, AngloGold Ashanti, African Barrick, Independence Group, Alacer Gold.
UBS report
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