Gold Fields comments on news reports regarding acquisition proposals made to Kirkland Lake
Johannesburg, 14 November 2016: Gold Fields Limited (Gold Fields) (JSE, NYSE: GFI) notes recent press reports regarding proposals made jointly by it and Silver Standard Resources Inc. (Silver Standard) (TSX: SRO, Nasdaq: SSRI) to acquire all of the outstanding shares of Kirkland Lake Gold Inc. (Kirkland Lake) (TSX: KLG), 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) (TSX: NMI), and that accordingly it would not be engaging in any discussions with Gold Fields or Silver Standard or providing them with due diligence access.
Back to previous page