bloomberg on acquisition.....

Bloomberg

Gold One Mulls Acquisition; May Offer to Buy Out Minorities

By Carli Lourens

(Updates with company comment starting in second paragraph.)

March 31 (Bloomberg) -- Gold One International Ltd., the miner of the precious metal, said it?s assessing a possible acquisition and considering a transaction that could lead to an offer to buy out minority shareholders.

?No binding arrangements have been entered into in relation to the potential transactions? and no assurance can be given the deals will proceed, the Johannesburg-based company said in a statement today. The transactions, for which unidentified advisers have been appointed, don?t yet warrant disclosure as they are ?incomplete? and confidential.

Gold One?s statement followed a query from ASX Ltd., the operator of Australia?s stock exchange, relating to a 31 percent surge in the company?s stock between March 16 and yesterday. Almost 8.6 million shares traded in Sydney today, the highest this year, and 7.9 million yesterday, compared with average daily trades over the past six months of 2.2 million.

The company cited a March 14 announcement that it will beat first-quarter output targets, and a good response to an international marketing campaign, among possible reasons for the gains. The creation of Goliath Gold Mining Ltd. and Gold One?s ?low? valuation versus its peers may also have contributed, it said, adding the potential acquisition and minority buyout are examples of deals it evaluates from ?time to time.?

Gold One?s stock traded on the Johannesburg exchange gained 14 percent to 2.90 rand in the three days to March 30.

--Editors: Vernon Wessels, Alastair Reed.

To contact the reporter on this story: Carli Lourens in Johannesburg at [email protected];

To contact the editor responsible for this story: Amanda Jordan at [email protected].