The board of directors of Ventana Gold has recommended that shareholders reject an unsolicited bid from EBX. EBX has made a CAD12.63 ($12.45) per share offer for an aggregate price of $1.48bn for the company through its AUX Canada acquisition vehicle. Ventana is a Canada-based mineral exploration company with mining rights in Colombia. "The Ventana board is unanimous in its belief that the AUX offer undervalues Ventana,” says Ventana's chairman, Richard Warke. Goldman Sachs. and TD Securities are acting as financial advisors to Ventana, the company says. The board is pursuing and evaluating alternative strategic transactions in order to identify other options that may be in the best interests of Ventana.