Great Bear shareholders should support Kinross deal, say proxy advisers (NYSE: KGC)

A large shovel loads gold ore into a giant dump truck

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Kinross Gold’s (KGC +2.9%) proposed acquisition of Great Bear Resources (OTCQX: GTBAF) won the approval of proxy consulting firms ISS and Glass Lewis, who say Great Bear shareholders should vote to approve the deal at the February 14 special meeting.

“In view of the significant premium, the favorable market response, the reasonable strategic rationale and the absence of significant managerial concerns, the shareholders’ approval of this resolution is warranted,” ISS said in support.

Great Bear engaged in a lengthy and competitive sales process before agreeing to the agreement with Kinross, which should give shareholders a reasonable degree of assurance that the proposed agreement represented the best available strategic alternative, Glass Lewis said.

Kinross last month unveiled the C $ 1.8B deal for Great Bear, highlighted by the Dixie project in Ontario’s Red Lake mining district.

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