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SSRI and GFI wants to buy KGILF, so you guys may be history..
KGILF just rejected a $20 offer for their stock that is selling for $7..is that really legal..I thought a company had to maximize shareholder wealth.
question..How can KGILF turn down SSRI's and GFI's offer of 1.44 billion..with KGILF's o/s at 70 million shares that offer works out to about 40 dollars a share and the stock is trading at $7 a share..is it not illegal to turn down the offer?
You guys will soon see this disaster, non producer fall to 3 cents a share...heck even the good gold stocks like AKG and RIC are being killed by the gold sector massacre..I hope I'm wrong and things turn up but these gold stocks have been selling off since Aug. 15, 2016...non producers will be the first to head to zeroland.
Kirkland rejects C$1.44 bln Gold Fields, Silver Standard offer
Reuters ReutersNovember 11, 2016Comment
* Shares suspended after earlier Reuters story
* Kirkland Lake wants to pursue Newmarket takeover
* Strongly recommends shareholders back Newmarket deal
* Former chairman says will vote against Newmarket (Recasts with Kirkland Lake statement, comment by former chairman)
By John Tilak and Nicole Mordant
TORONTO/VANCOUVER, Nov 11 (Reuters) - Canada's Kirkland Lake Gold Inc said on Friday it rejected a previously unreported takeover offer from South Africa's Gold Fields Ltd and Silver Standard Resources valuing the business at C$1.44 billion ($1 billion).
Reuters reported earlier on Friday that Gold Fields and Silver Standard had made three joint, unsolicited bids for Kirkland and recently sweetened their offer to about C$1.4 billion. The names of the bidders had not been previously disclosed.
Kirkland said that after advice from its legal advisers and three separate financial advisers, it concluded the proposal was "not financially superior" to its own plan to acquire Newmarket Gold Inc for about C$1 billion in stock.
"As a result Kirkland Lake Gold is precluded by the terms of the arrangement agreement with Newmarket from engaging in any discussions with Gold Fields or Silver Standard concerning the revised proposal or providing any due diligence access to them," Kirkland said in a statement.
It also "strongly recommended" shareholders vote in favor of the Newmarket deal.
However, Harry Dobson, the former chairman of Kirkland who remains a shareholder, said he would be voting against the Newmarket deal.
"It's no secret that I don't like it. I'm not happy with the deal for the same reason the market wasn't happy," Dobson said in an interview, citing a drop in Kirkland's share price since the deal was announced.
The latest offer for Kirkland Lake represented a premium of more than 50 percent of its value on Thursday. Its shares, which were trading at C$7.42 just ahead of the news, jumped as much as 8 percent to hit C$8.17 before being halted on the Toronto Stock Exchange. The stock closed at C$8.04 on Friday.
Shares of Silver Standard closed down 13.3 percent at C$12.71. Newmarket fell 1.2 percent to C$3.36.
In an Oct. 28 shareholders circular filing to discuss that merger, Kirkland said it received two bids without naming the bidders. Shareholders have a Nov. 23 deadline to vote on Kirkland's bid to buy Newmarket.
Kirkland is a midsized producer operating four gold mines and two mills in a bullion-rich belt of northeastern Ontario.
With its high-grade production and reserves located in a safe, mining-friendly jurisdiction, Kirkland Lake's appeal is bolstered by a scarcity of growth opportunities in the gold sector. It also has more than C$200 million of cash and equivalents on hand. The company was valued at about C$922 million at close of trade on Thursday.
Three sources familiar with the bidding process said it is possible new bidders may enter the fray, noting companies such as Yamana Gold Inc and Hecla Mining Co have assets in the area where Kirkland Lake operates.
Investor advisory firms ISS and Glass Lewis have recommended to shareholders of Kirkland Lake and Newmarket that they vote for the deal.
Luxor, Newmarket's third-biggest shareholder, said it also supports the deal with Kirkland.
Kirkland Lake ran a strategic review in 2014 that did not result in partnerships or acquisitions. ($1 = 1.3539 Canadian dollars) (Additional reporting by Susan Taylor and Matt Scuffham in Toronto and Ed Stoddard in Johannesburg; Editing by Meredith Mazzilli and Matthew Lewis)
Quote Lookup
Recently Viewed
Symbol Last Price Change % Change
SSRI
Silver Standard Resources Inc.
9.38 -1.50 -13.79%
KGILF
Kirkland Lake Gold Inc.
7.19 1.34 22.91%
NMKTF
Newmarket Gold Inc.
2.4777 -0.1123 -4.34%
BCE
BCE Inc.
42.43 -0.34 -0.79%
UMH
UMH Properties Inc.
13.24 1.02 8.35%
Hey guys, these numbers really look good today..do you think this is a one time event or will things just keep getting better..I'm thinking about buying some because this stock really looks good.
the only reason that this stock did not sink today is that no one owns any or even knows it exists...all the other legit gold stocks took a 10% hit and as soon as the market finds this stock it will head for the basement just like the others have..better git while the getting is good.
This stock is going down to 4 cents then I will probably buy 30,000 for $1200.00...maybe I'll wait until it hits 3 cents because the production is still about 3 years away....this stock will probably never make a profit but I love to gamble with these penny poo poo's
did someone just say 3 cents...what a buy at 3 cents..load up the truck and speed away to the city.
AMMJ is down sharply..may be the time to pick up a few..who knows???
disaster looms for these weed stocks..they ran too far and they had no foundation to stand on and now they are sinking in quick sand and being eaten alive..what a comedown for the people who thought they were going to get rich on these weed stocks..they are seeing their money go up in smoke.
I still need $3.54 to be even..that what I paid for this loser back in 2013...will I ever get EVEN?.I need 40 cents to break even on EGI..I'm still in a losing position in both EGI and NSU..will I ever break even..that is the big question??????????
the ride is over and these stocks were all down today..heck even the cig. stocks were down today.
you guys are finished the weed stocks are all down and the road ahead is now all downhill....bye, bye
This stock was $35 back in July and then went down to $13..what a come down..this is now a very good stock..will probably go down to $5 soon.
yikes, when is this stock ever going to move up..what a loser..are they still in business?????
ha, ha, ha, where is that production..or was that reduction....what a laugh..ha, ha, ha.
don't forget EGI also has copper.
sp up in AH trading because of the blowout ER.
Guys, just take a look at EGI, up 36% in just 3 trading days, now 34 cents up from 25 cents..now that is zooming..get in on the winners, crying on the side of the road does not cut it.
two and five year charts on this stock look like a disaster...the long, longs have been destroyed by this stock..just think they bould have invested in stocks like MO or RAI...those stock made money.
the only time they will announce anything is when they go belly up..this co. does not know have to produce anything but a lousy PR.."hello folks, we have another delay to inform you about or something like that...what a laugh, these clowns should be in the circus...ha, ha, ha.
This stock is still way down from the price I paid back in 2013..it is a real loser...will it ever recover is the ?
earnings divided into the share price give you the P/E ratio..you are very dumb, now I made you smart.
You junkies are in for a rude awaking..this stock will see 8 cents and will never see $8...it does not even have a P/E it is a losers stock...this dream stock will soon become a nightmare.
hey guys, I just checked the POG on Kitco..it is down $12..and falling...looks like a Clinton win because the FBI just cleared Clinton and the Gold market was looking for a Trump win but there is a 99% chance that Clinton will now win....see you guys at 5 cents tomorrow.
these recent gains you have seen in the dope stocks will soon fade..if and when a dope stock will become profitable the major cig companies will probably buy them out..so pick a dope stock that you think will become profitable or just buy a cig company and collect your dividend and enjoy its sp appreciation. You have to admit, that most of the dope stocks are penny poo poo's..there may be a few dope stocks that will survive and do well but "which ones"?
Hey dopeheads, look at the 2 year chart of RAI and you will see that the shareholders of RAI have doubled their money in that time frame and also enjoyed a great dividend to boot..you guys have lost money in that time frame and did not even have a dividend to enjoy..that makes the holders of RAI smart and the holders of CANN dumb.
Just look at the 2 year chart..in Jan of 2015 this stock was above $8, now $3..that is not progress that is moving backward...but the people who invest in this stock are retards so I guess moving backwards is what they do.
yeah, just wait, you'll see when this stock is back at 5 cents..where are the earnings? where is the dividend?.that is right it has zero earnings and pays zero dividends..just a junkies dream..but wait, the nightmare is soon coming..wake up to reality..real men do not need drugs..they just pound their enemies into the ground.
Thank You Toren, I also will wait until this stock gets back to reality..expecting a big plunge and then I will pick up some...remember the stock has no p/e..it is a total turd but it may blossom into something someday.
wrong, this stock is headed lower just like all the other gold miners..the gold stocks started to turn down in August and are still going south...take my word for it..gold stocks are headed lower..their run is history and is over as of August 2016
5 year chart looks like a disaster...this stock is losing money for its long time longs..what a bunch of dopies.
where are the earnings, where is the dividend?? this junkie stock is just a loser and soon it will be history and forgotten..boo, boo, boo
this stock is headed for a giant fall because weed will soon be outlawed by the future powers to be...look for 50 cents in the future.
What is the best weed stock to buy and hold for future appreciation? Thanks for your knowledgeable replies
Anothe PR out today about the Barry project...funny MEAOF releases PR after PR but its sp stays at 5 and 6 cents...maybe someday some deep pockets will buy this co...hope springs eternal.
no I'm just a value seeker, I like stocks that have earnings and pay dividends but are presently out of favor in the market and have been unfairly knocked down to bargain basement prices...is there anything wrong with that???
NYMT has been very good to me, also you might want to take a look at EURN..great yield if it sustains and its sp improves...many of these shippers have really been knocked down sharepricewise but are still paying great high yield dividends
good buy at $2.97..have a look at EURN and NAT