GFI
Gold Fields LimitedNYSE
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  • Fri, Nov. 18, 12:59 PM
    • Gold Fields (GFI -2.1%) says it has withdrawn its joint offer with Silver Standard Resource (SSRI -0.6%) to buy Kirkland Lake Gold (OTCPK:KGILF -2.9%).
    • GFI says it would remain interested in pursuing negotiations with Kirkland Lake if the latter's shareholders reject the proposed C$1B ($764M) takeover of Newmarket Gold (OTCQX:NMKTF); Kirkland Lake's vote is expected on Nov. 25.
    • Kirkland earlier this week confirmed that GFI and SSRI had made three joint bids for the company and recently sweetened their offer to ~C$1.4B.
    | Fri, Nov. 18, 12:59 PM
  • Fri, Nov. 11, 12:50 PM
    • 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.
    | Fri, Nov. 11, 12:50 PM | 10 Comments
  • Apr. 2, 2014, 6:40 PM
    • Yamana Gold (AUY) looks to have captured a huge prize in the Malartic gold mine via the acquisition of a 50% stake in Osisko Mining's (OSKFF) mining and exploration assets, but analysts are skeptical about AUY effectively paying a premium without gaining a controlling interest in the mine itself.
    • Cowen analyst Adam Graff approves of the deal as it would help generate some tax savings for AUY in Canada, but he doubts the savings will offset the negative impact of the purchase premium.
    • Investor Adrian Day says the implied price AUY would pay doesn't look grossly high, but the deal structure, where Yamana will not get control, is unusual; if hostile takeover bidder Goldcorp (GG) comes back with a better offer, he thinks many shareholders will find it easier to wrap their heads around than AUY's deal.
    • Analysts had not expected another mining company to challenge Goldcorp, and some see a higher bid coming: "They have been chasing this asset for five years and there is no reason they would let it slip through their fingers."
    • AUY shares -2.2% on the day, but most gold miners gained: OSKFF +7.7%, GG +2%, NGD +4.4%, ABX +4%, AGI +4%, NEM +3.3%, ANV +3.3%, NG +3%, GFI +2.7%, KGC +2.6%.
    | Apr. 2, 2014, 6:40 PM | 4 Comments