Crocodile Gold Corp. (CRK.TO), which rose more than 40% on Wednesday in moving well away from a year low 31.5 cents, last night provided an update to its earlier press release in which it acknowledged the announcement by Luxor Capital Group, LP on December 13, 2011 of its intention to make an unsolicited partial bid for the common shares of Crocodile Gold. The company announced that it has formed a special committee of independent directors comprised of George Faught, Peter Tagliamonte and Bruce Humphrey to review the unsolicited partial bid by Luxor.
Upon the formal bid being made, the Special Committee will consider, among other things, whether the bid is in the best interest of the Company's shareholders and whether it represents fair value for the common shares of Crocodile Gold.
New York-based private equity firm Luxor on Tuesday offered to buy around 69% of Crocodile Gold at 56 cents apiece, which was 64% higher than the stock's Monday closing.
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