Globe/wire say Kirkland advances on rival bid rumour
2016-11-15 06:43 ET - In the News
Also In the News (C-NMI) Newmarket Gold Inc (2)
Also In the News (C-SSO) Silver Standard Resources Inc
The Globe and Mail reports in its Tuesday, Nov. 15, edition that shares in Kirkland Lake Gold surged as much as 9 per cent on Monday on speculation there might be another bid for the Canadian gold miner or that its planned takeover of Newmarket Gold, which had put its stock under pressure, will be voted down. A Reuters dispatch to The Globe reports that Reuters on Friday said South Africa's Gold Fields and Canada's Silver Standard Resources have made three joint bids for Kirkland Lake and recently sweetened their offer to about $1.4-billion. Kirkland Lake is a mid-sized producer operating four gold mines and two mills in a bullion-rich belt of Northeastern Ontario. Both Kirkland Lake and Gold Fields later confirmed the Reuters report. Kirkland has rejected all three bids, saying they are "not financially superior" to its own plan to acquire Newmarket, a small Australia-focused miner, for about $1-billion in stock. It is possible new bidders may enter the fray, unnamed sources told Reuters last week, noting companies such as Hecla Mining have assets in the area where Kirkland Lake operates. Kirkland also "strongly recommended" that shareholders vote in favor of the Newmarket deal.
© 2016 Canjex Publishing Ltd. All rights reserved.
2016-11-15 06:43 ET - In the News
Also In the News (C-NMI) Newmarket Gold Inc (2)
Also In the News (C-SSO) Silver Standard Resources Inc
The Globe and Mail reports in its Tuesday, Nov. 15, edition that shares in Kirkland Lake Gold surged as much as 9 per cent on Monday on speculation there might be another bid for the Canadian gold miner or that its planned takeover of Newmarket Gold, which had put its stock under pressure, will be voted down. A Reuters dispatch to The Globe reports that Reuters on Friday said South Africa's Gold Fields and Canada's Silver Standard Resources have made three joint bids for Kirkland Lake and recently sweetened their offer to about $1.4-billion. Kirkland Lake is a mid-sized producer operating four gold mines and two mills in a bullion-rich belt of Northeastern Ontario. Both Kirkland Lake and Gold Fields later confirmed the Reuters report. Kirkland has rejected all three bids, saying they are "not financially superior" to its own plan to acquire Newmarket, a small Australia-focused miner, for about $1-billion in stock. It is possible new bidders may enter the fray, unnamed sources told Reuters last week, noting companies such as Hecla Mining have assets in the area where Kirkland Lake operates. Kirkland also "strongly recommended" that shareholders vote in favor of the Newmarket deal.
© 2016 Canjex Publishing Ltd. All rights reserved.