barrick to buy tusker

Reported in todays Age.


CANADA'S Barrick Gold will take over Perth-based African gold explorer Tusker Gold in an agreed $80 million cash bid that comes only two months after Indago Resources floated the company.
Barrick, the world's biggest gold producer, is offering 80 cash a share. Indago, with its 67.5 per cent stake, will be the biggest beneficiary of the offer, which is at a 90 per cent premium to Tusker's last sale price.

Tusker was spun out by Indago through a $10 million initial public offering at 20 a share. The company debuted on the ASX on December 11.

Tusker came to the market with a gold resource under its belt - more than 4 million ounces.