Northgate Minerals is up about 35 percent in pre-market bidding. It is merging with AuRico Gold (AUQ) at a FORTY FIVE PERCENT PREMIUM.
NXG was my largest holding by far a few months ago. Today, I have NONE.
I sold NXG because I didn't like its idiotic merger with Primero Mining. As you'll see below, today's news results in THAT deal being scrapped.
And what's the new deal? Northgate is being bought by AuRico at a hefty premium. AND I OWN AURICO!!!! (It was previously Gammon Gold (GRS).)
This is enough to make a person ill.
And Beijing Bill, who to the best of my knowledge still owned NXG when he passed, isn't here to see it.
Absolutely frickin' unbelievable. Life is so unfair.
August 29, 2011, 9:04 AM ET
Stocks to Watch: Pfizer, Northgate Minerals and More
By Stephen Grocer
By Corrie Driebusch and Caitlin Nish
Among the companies whose shares are expected to actively trade in Monday’s session are Pfizer, Northgate Minerals and Venoco.
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AuRico Gold has agreed to buy fellow Canadian gold mining company Northgate Minerals as consolidation among gold miners continues in the wake of record gold prices. The deal scuttles Northgate’s previous plan to buy Primero Mining for C$370 million. AuRico, a Toronto-based gold and silver producer with mines and projects in Mexico, is offering 0.365 of a share for each Northgate share. Northgate’s shares surged 48% to $4.67 in premarket trading.
Full article: http://finance.yahoo.com/q?s=auq&ql=1
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