Newspaper article The Canadian Press

Kirkland Lake Gold Identifies Rejected Rival Bidders to Newmarket Merger Deal

Newspaper article The Canadian Press

Kirkland Lake Gold Identifies Rejected Rival Bidders to Newmarket Merger Deal

Article excerpt

Kirkland Lake Gold rejects alternative bids

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TORONTO - Kirkland Lake Gold Inc. (TSX:KLG) has identified the unsolicited alternative joint bids valued at $1.44 billion it rejected from two miners it deemed inferior to a deal it previously accepted with Newmarket Gold Inc.

Responding to market rumours after its shares were halted Friday on the Toronto Stock Exchange, Kirkland Lake confirmed that Gold Fields Netherlands Services B.V. and Silver Standard Resources Inc. submitted several proposals in cash and Silver Standard shares.

In an Oct. 28 proxy circular, Kirkland Lake said it receive alternative bids but didn't identify the proponents.

The Toronto-based miner said Friday that after receiving legal and financial advice it determined the revised proposal was "not financially superior" to a deal with Vancouver-based Newmarket (TSX:NMI) announced in September. …

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