I nearlly Bought NUS @ $0.28 a few Days ago...Shoulda Coulda Woulda
Nautilus investor Bailey makes hostile takeover bid
2013-01-07 14:53 ET - News Release
An anonymous director of Gannibal Securities reports
FINANCIAL PRESS: OTTAWA TRADER MAKES HOSTILE TAKEOVER BID FOR NAUTILUS MINERALS
Michael Bailey and his family office solely controlled by him have commenced a tender offer for all outstanding shares of common stock of Nautilus Minerals Ltd. for 97 cents per share, net to the seller in cash.
Under the terms of the tender offer, the family office controlled solely by Mr. Bailey will commence a hostile all-cash bid to purchase all the outstanding shares of Nautilus Minerals Ltd. for 97 cents per share for a total purchase price of $237.99-million. This represents a 209-per-cent premium to the previous-day closing price of Nautilus's stock.
The tender offer is scheduled to expire at 12 a.m. Eastern Standard Time on March 1, 2013, unless the tender offer is extended. The tender offer is conditioned on the tender of a majority of Nautilus's shares calculated on a fully diluted basis, as well as the receipt of certain regulatory approvals and other customary closing conditions.
Gannibal Securities has been engaged to act as adviser in this transaction, and will negotiate lock-up agreements with major Nautilus Minerals shareholders Metalloinvest (21 per cent), Anglo American (11.1 per cent), MB Resources (16.9 per cent) and Teck Resources (4.5 per cent). The law offices of Faskin Martineau, a national law firm, will represent Mr. Bailey in this transaction.
The family office controlled solely by Mr. Bailey currently owns a minority stake in the company, and is now making a hostile bid to acquire 100 per cent of the outstanding company stock with the intention of taking the company private to finance and execute the underwater mining business plan. Mr. Bailey, an experienced investor and resident of Canada, is an algorithmic trader and formerly a member of the Band of Scoundrels, an elite group of high-frequency proprietary traders that successfully shorted Citigroup and profited over $130-million in October, 2008.
Instead I bought BAT.v
6M oz Gold $17M Just Raised @ $0.65