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Will there be a bid for Detour Gold to rival Kirkland Lake's?

Section: Daily Dispatches

Kirkland Lake CEO Sees No Need to Raise Detour Gold Bid After Stock Tops Purchase Price

By Gabriel Friedman
National Post, Toronto
Tuesday, December 10, 2019

Toronto-based Kirkland Lake Gold Ltd. chief executive Anthony Makuch said Monday his company is not interested in raising or changing the offer it made last month to purchase Detour Gold Corp., after one analyst speculated that a new bidder may emerge.

In November, Kirkland announced an all-stock buyout that valued Detour shares at C$27.50, or about a 24 percent premium to its prior closing price, and pegged the entire transaction at about C$4.89 billion.

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Both companies operate gold mines in eastern Ontario but have had starkly different trajectories over the past three years. Kirkland operates two high-grade underground mines, including one in Australia, that produce gold at some of the lowest costs in the sector, and has been one of the best performing stocks on the TSX during that time. ...

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