ATAC has another suitor
Last week I wrote up ATAC’s rebuff of John McConnell’s Victoria Gold’s takeover proposal.
In that piece I noted that Victoria Gold had put ATAC into play and, at this ungodly hour before market, ATAC has put out a release stating that Hecla has asked for the next dance.
$0.14 vs Victoria’s $0.12. All shares. But Hecla proposes to spin out the non-Rackla properties and let ATAC shareholders in on that as well.
I’ll take a deeper dive tomorrow but it is a fair question to ask, is the ATAC dance card full? What McConnell and Victoria Gold saw has now been endorsed by a mini-major. Hecla bought out Alexco in the Keno District and the ATAC deal makes a lot of sense. But is it the best deal ATAC can make for a huge, highly prospective, property?
Barrick Gold owns 13.3% of ATAC. Will they be happy with $0.14 a share in Hecla stock even with Spinco?
I expect we’ll find out.
[I have placed an order for shares in ATAC.V. Do your own due diligence, call the CEO.]