Citation : Barrick to Plead Case on Placer Rights Plan Dec 16
TORONTO (Reuters) - Barrick Gold Corp. (ABX.TO: Quote, Profile, Research) will plead its case for striking down takeover target Placer Dome Inc.'s (PDG.TO: Quote, Profile, Research) shareholders rights plan to British Columbia securities regulators on Dec. 16, Barrick said on Tuesday.
"Our request is that it be struck down so that shareholders can consider that in light of our scheduled (takeover offer) expiry of (Dec.) 20," said Barrick spokesman Vince Borg.
Placer Dome, Canada's third-largest gold miner, has rejected Barrick's $9.2 billion bid and has called Barrick's plan to remove its poison pill premature as it could deprive shareholders of the opportunity to consider "superior alternatives."
Barrick, Canada's biggest gold miner and the world's No. 3, has the option to extend the Dec. 20 expiry of its offer or withdraw it, but said its focus now is on "making sure that the pill is removed first."
Placer's rights plan includes the requirement that an offer be open for at least 60 days. Placer said it has been in active discussions with a number of parties about a range of "potential value-enhancing transactions."
Separately, Barrick said its operations in Tanzania were not affected by a strong earthquake that s