Law360, New York (February 14, 2011, 7:21 PM ET) -- Mineral exploration and development company Ventana Gold Corp. has caved in to advances by Brazilian billionaire Eike Batista’s AUX Canada Acquisition Inc. after it boosted its takeover offer to $1.56 billion.
Vancouver, British Columbia-based Ventana said it reached an oral agreement with AUX on Sunday night after AUX increased its offer for the company to $13.20 per share in cash, up slightly from its previous bid of $1.52 billion, or $12.77 per share.
The sweetened offer represents a premium of 30 percent over the closing price...
Ventana Agrees To AUX’s Sweetened $1.56B Bid
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