Allied Nevada Gold Corp. (ANV) questioned the cred
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Allied Nevada Gold Corp. (ANV) questioned the credibility of a takeover offer from a company called China Gold Stone Development Ltd. and urged its shareholders to review announcements from that firm with caution.
China Gold Stone has offered $7.50 a share for Allied Nevada, according to media reports.
Allied Nevada, which trades in New York and Toronto, said it has notified the U.S. Securities and Exchange Commission and the Ontario Securities Commission about its concerns.
Allied Nevada said the company and its advisers haven't been able to find any substantive published information about China Gold Stone and there is no public information available to indicate the company has financial resources to complete the proposed deal.
Also, contrary to China Gold's announcement, no tender offer for its shares has commenced, and a required SEC filing that would set off such a tender offer hasn't been made, the company said. Also, Allied Nevada said the offer's expiration date of Jan. 24 is contrary to U.S. and Canadian securities laws.
Shares rose 10% to $4.76 recently. The stock has gained 34% this year.
Write to Tess Stynes at tess.stynes@wsj.com
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(END) Dow Jones Newswires
01-14-14 1336ET
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