October 08, 2021 | Materials | North America | Ended
Canadian gold miners Kirkland Lake Gold (“Kirkland”) and Agnico Eagle Mines (“Agnico”) announced their plan on 28-Sep-21 to combine in an all-stock, nil-premium merger-of-equals that would create the world’s third largest gold miner. The merger terms value the understood target, Kirkland, at CAD 14bn, or CAD 50.63 per share based on the previous day’s close, which represents a 1% premium to Kirkland’s 10-day average price and a 9% discount to Kirkland’s closing price before the deal was announced. Both companies’ boards have approved the deal, and the enlarged Agnico will be led by a combined board and management team that includes seven Agnico directors and six Kirkland directors. Kirkland’s CEO, Tony Makuch, will retain his title, while Sean Boyd, CEO of Agnico, will ...
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