Barrick gets 93 pct of Arequipa .
TORONTO 1996-08-27
Barrick Gold Corp said on Tuesday its takeover offer for Arequipa Resources Ltd was successful , with 93 percent of the 36.3 million shares not already owned tendered under the bid , which expired overnight .
" We are pleased that Arequipa shareholders ahave chosen so overwhelmingly to accept this offer .
We now have the opportunity to realize the potential of Arequipa 's excellent assets , " Barrick chairman and chief executive Peter Munk said in a statement .
The C$ 30-a-share deal means Barrick will own Arequipa 's attractive Pierina gold deposit in Peru .
Barrick said details involving the allocation between Barrick shares and cash will be available shortly .
Barrick 's offer of C$ 30 a share or part cash , part share offer was Barrick 's second attempt to swallow the small Vancouver-based gold prospector .
Toronto-based Barrick , the world 's third largest gold producer , sweetened its July 11 bid to C$ 30 a share from C$ 27 on August 16 after a fresh batch of drill results from the Pierina deposit .
Experts have speculated the deposit has potential reserves of up to 12 million ounces .
More drilling results are expected soon .
The Barrick bid took observers by surprise , since Arequipa 's exploration was still in its early stages .
Arequipa shareholders had the option to choose C$ 30 cash or 0.79 Barrick shares plus 50 cents for each Arequipa share .
Shares were to be pro-rated if more than 14.4 million were requested .
-- Reuters Toronto Bureau 416 941-8100