Gold Fields (GFI), Silver Standard (SSRI) Announce Withdrawal of Kirkland Lake Acquisition Proposal
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Gold Fields Limited (NYSE: GFI) announces that it and Silver Standard Resources Inc. (Silver Standard) (Nasdaq: SSRI) have today withdrawn their latest joint proposal to acquire all of the outstanding shares of Kirkland Lake Gold Inc. (Kirkland Lake) in a negotiated transaction.
As previously announced by Gold Fields, its wholly-owned subsidiary, Gold Fields Netherlands Services B.V., has made three successive proposals jointly with Silver Standard to acquire Kirkland Lake pursuant to a plan of arrangement for consideration consisting of cash and shares of Silver Standard or a combination thereof. In response to each proposal, the Kirkland Lake board advised that it had determined that it was not reasonably expected to result in a Superior Proposal relative to Kirkland Lake's previously announced combination with Newmarket Gold Inc. (Newmarket) (TSX: NMI), and that Kirkland Lake would not be engaging in any discussions with Gold Fields or Silver Standard or providing them with due diligence access.
In light of the lack of engagement by the board of Kirkland Lake in response to these proposals, and there being no basis to expect any further engagement from Kirkland Lake, Gold Fields and Silver Standard are left with no choice but to withdraw their latest proposal.
Gold Fields remains interested in pursuing negotiations toward a board-supported transaction with Kirkland Lake in the event that Kirkland Lake's shareholders reject the Newmarket transaction.
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