03:22:35 EDT Thu 01 Oct 2020
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Kirkland Lake Gold Ltd
Symbol KL
Shares Issued 209,624,480
Close 2020-01-16 C$ 57.59
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Globe says proxy advisors back Kirkland's Detour bid

2020-01-17 08:09 ET - In the News

Also In the News (C-DGC) Detour Gold Corp

The Globe and Mail reports in its Friday, Jan. 17, edition that Kirkland Lake Gold's $4.4-billion (Canadian) all-stock offer to buy rival Detour Gold has won backing from Glass Lewis & Co. and Institutional Shareholder Services on grounds the target's shareholders would reap benefits from a larger company. The Globe's Jeff Lewis writes that Detour Gold said on Thursday that both proxy advisors recommended shareholders vote in favor of the takeover, which Kirkland has said will generate up to $100-million (U.S.) annual savings and add 600,000 ounces to its annual capacity. Kirkland in November offered 0.4343 shares for each Detour Gold share amid a wave of gold sector consolidation. However, Kirkland investors balked at the 24-per-cent premium, sending the shares down sharply. ISS said Detour shareholders would benefit from holding a significant interes in a multi-asset gold miner with significantly lower production costs and a more favorable risk profile. "The premium, albeit muted as a result of the post-announcement decline in the acquirer's shares, also appears more meaningful in an M&A environment that promotes deals that offer synergies in the place of control premiums," the firm said.

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