Goldhunter11,
As a number of posts have pointed out, the Probe board was in a weak position to reject the Goldcorp bid because, as an explorer with ambitions to develop a mine themselves, they need a constant infusion of cash. While we all hope the environment for juniors is about to turn, the board could hardly reject a solid offer from a good company, even if it felt it undervalued the upside opportunity. Certainly none of us would want to go through another big price drop with no liquidity in the shares - a condition we have seen often in the past three years.
We don't know if the last six months of drilling produced good, bad or indifferent results, but my understanding has been that multiple mining companies have signed confidentiality agreements with Probe, so smart guys with money who qualify as legitimate bidders for our company should be reviewing the chance to get involved. I wish I had the list!
They might have no interest in outbidding Goldcorp, but my hope is that they were delighted to let Goldcorp make the first offer, knowing that GG underbid for Osisko, and then, to "preserve capital discipline", let Agnico and Yamana split the prize. You probably recall that Sean Roosen, the Osisko CEO, not only got a much higher bid for the Malartic Mine, his new company, Osisko Gold Royalties got a 5 per cent royalty on Malartic, plenty of cash and a very attractive package of exploration properties. Would that New Probe got such a deal!
The companies on the confidentiality list will know what Probe is worth, and with or without a partner, will bid accordingly. I agree with all of you who have said a better bid is warranted for this great property!
