Allied Nevada Gold Corp is warning its investors. The company “questioned the credibility of a takeover offer that caused shares of the company to jump on Tuesday, saying that investors should review the hastily withdrawn release with caution,” reports Reuters.
“A release distributed early on Tuesday said a company called China Gold Stone Mining Development Ltd had commenced a cash tender offer for all of the outstanding shares of Allied Nevada at $7.50 a share.”
“Hours later, another release retracted the announcement, saying it had been ‘issued in error and without the advice of counsel.'”
“Allied Nevada said in a statement it had not been able to find any substantive information on China Gold Stone, and that filings needed to commence a tender offer had not been made with the U.S. Securities and Exchange Commission (SEC).”
“As a result, Allied Nevada said it ‘seriously questions the credibility of the proposal and advises shareholders to review announcements from China Gold Stone with caution.'”
In metal price news for precious metals…
On the Tuesday, January 14, Indian silver rose 1.4 percent to finish as the day’s biggest mover. US silver finished the day up 1.2 percent. The price of Chinese silver declined 0.4 percent. The price of Japanese silver was essentially unchanged.
Indian gold bullion finished the day down 0.4 percent. US gold bullion prices rose 0.3 percent. The price of Chinese gold bullion flattened after two days of improvement. The price of Japanese gold bullion steadied following two-days of increases.
The price of US platinum bar increased 0.6 percent. Chinese platinum bar saw its price rise 0.3 percent. After a couple of days of improving prices, the price of Japanese platinum bar held steady.
Chinese palladium bar prices saw a 0.6 percent decline. The price of US palladium bar fell 0.4 percent. Japanese palladium bar saw little change in its price yesterday.