Updating Yamana Gold, Northern Orion Resources, Wyndham Worldwide, American Woodmark and Liquidation World

Article Excerpt

YAMANA GOLD $12.65 (Toronto symbol YRI; SI Rating: Speculative) (416-815-0220; www.yamana.com; Shares outstanding: 353.8 million; Market cap: $4.5 billion) has extended its hostile $3.2 billion takeover bid for Meridian Gold. About 34.3 million shares or 34% of Meridian shares were submitted by September 11, but two-thirds of Meridian shares are needed to approve the Yamana bid. Yamana is offering Meridian shareholders $4 in cash plus 2.235 Yamana shares. Two potential Meridian bidders recently withdrew their interest, which likely eliminated the emergence of a friendly ‘white knight’ buyer for Meridian. However, Yamana may need to increase its bid, if it fails to gain sufficient shares. About one-third of Meridian shares are held by institutional investors. These shareholders appear to be holding on for a higher bid. Yamana Gold is still a buy. NORTHERN ORION RESOURCES $6.02 (Toronto symbol NNO; SI Rating: Extra risk) (604-689-9663; www.northernorion.com; Shares outstanding: 154.1 million; Market cap: $927.6 million) has agreed to a friendly $1 billion takeover by Yamana, but…

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