Homestake Mining rejected a takeover bid by...

Homestake Mining rejected a takeover bid by corporate raider T. Boone Pickens Jr. The San Francisco company’s board unanimously rejected the unsolicited $1.88-billion bid by Boone’s Mesa Limited Partnership to acquire Homestake. Pickens, of Amarillo, Tex., called the $20-a-share offer a friendly bid and proposed a negotiated transaction with Homestake’s managers. Homestake’s board concluded the offer was inadequate and not in the best interests of the stockholders, company officials said.