Gold Fields (GFI) Affirms Making Proposals to Acquire Kirkland Lake Gold
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Gold Fields Limited (NYSE: GFI) notes recent press reports regarding proposals made jointly by it and Silver Standard Resources Inc. (Silver Standard)(Nasdaq: SSRI) to acquire all of the outstanding shares of Kirkland Lake Gold Inc. (Kirkland Lake), as well as Kirkland Lake's 11 November 2016 news release acknowledging these reports.
In accordance with its ongoing disclosure obligations, Gold Fields confirms that its wholly-owned subsidiary, Gold Fields Netherlands Services B.V., has made three successive non-binding proposals jointly with Silver Standard to Kirkland Lake to acquire all of the outstanding shares of Kirkland Lake pursuant to a negotiated plan of arrangement for consideration consisting of cash and shares of Silver Standard or a combination thereof. Its most recent proposal is valued at C$1.44 billion (US$1.07 billion) in aggregate.
Gold Fields further confirms that the Kirkland Lake board has advised that it determined that each of these joint proposals was not reasonably expected to result in a Superior Proposal relative to Kirkland Lake's previously announced combination with Newmarket Gold Inc. (Newmarket), and that accordingly it would not be engaging in any discussions with Gold Fields or Silver Standard or providing them with due diligence access.
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