Texas oilman T. Boone Pickens and his Mesa Ltd. Partnership recently withdrew a $1.88-billion takover bid for San Francisco-based Homestake Mining Co.
On March 7, the Homestake board of directors unanimously rejected the Pickens offer as inadequate and not in the best interests of the company and its shareholders.
The failure of the Pickens offer was anticipated by New York analysts who had already labeled it unrealistic. It is the oilman’s second unsuccessful bid for a control of a major gold mining company.
Last September, Pickens-led Ivanhoe Partners made a $95(US)- per share offer for a 51% interest in Newmont Mining of New York. The bid was eventually defeated by a Supreme Court ruling which blocked the attempted buyout.
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