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Reuters: Gold Fields, Silver Standard offer C$1.4B for Kirkland Lake

Published 11/11/2016, 12:50 PM
Reuters: Gold Fields, Silver Standard offer C$1.4B for Kirkland Lake
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  • Gold Fields (GFI -6.8%) and Silver Standard Resources (SSRI -8.7%) have made three joint unsolicited bids for Kirkland Lake Gold (OTCPK:KGILF +11.1%) and recently sweetened their offer to ~C$1.4B, Reuters reports.
  • The latest bid would represent a 50%-plus premium of Kirkland Lake's value on Thursday, but the company reportedly rebuffed the offer; Kirkland Lake said two weeks ago that it got two bids but did not name the bidders.
  • If GFI and SSRI succeed in their bid, it would derail Kirkland Lake's planned acquisition of Newmarket Gold (OTCQX:NMKTF -4.8%); shareholders have a Nov. 23 deadline to vote on the Newmarket deal.

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