The Globe and Mail reports in its Saturday, Jan. 18, edition that the threshold for Kirkland Lake's bid for Detour Gold to pass is a majority of votes cast for Kirkland and at least two-thirds at Detour.
The Globe's Niall McGee writes that whatever the outcome on Jan. 28, nobody can accuse Detour of not conducting a thorough auction.
In a regulatory filing in December, it said that as early as 2018, it was in communication with 12 potential merger partners, or buyers. Last year, the list of serious suitors was whittled down to about seven. Tocqueville Asset Management manager Doug Groh says that Kinross Gold was one of those companies. He says, "Kinross did tell me that they had looked at it."
An unnamed source says Kinross was "Party A" in Detour's recently published management information circular. In the materials, Party A was described as a "globally-focused mid-cap gold miner with similar operations to Detour."
Kinross has operations in the United States, Russia and West Africa. Like Detour, Kinross is an open-pit mining specialist.
According to the circular, Party A was interested in buying Detour as early as 2018, held multiple discussions with the company, and conducted thorough due diligence.
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