Detour Gold's battle with billionaire down to the wire -- and both sides may claim victory


By Gabriel Friedman
National Post, Toronto
Friday, December 7, 2018

U.S. hedge fund billionaire John Paulson’s battle to oust the entire board of directors at Toronto-based Detour Gold Corp. and replace them with his own hand-picked group officially ends when final ballots are counted on Tuesday, but he may already claim some victory.

And perhaps Detour will too.

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Regardless of whether other shareholders grant Paulson's wish for "wholesale change" on the board, Detour's management has already partially conceded some of his concerns by replacing two of its directors this summer. It also added at least one director whom Paulson could support. More recently, it recommended the ouster of an additional two directors, so four of the eight directors on the board when Paulson launched his campaign this summer are likely to be replaced.

While that isn't the majority Paulson has campaigned for, it is an outcome that would give both sides cover to claim victory. ...

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