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Great Bear shareholders advised to vote for Kinross deal

31st January 2022

By: Creamer Media Reporter

     

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Proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis have recommended that shareholders of Great Bear Resources vote for the proposed acquisition by Kinross Gold at the upcoming special meeting on February 14.

Kinross last month announced that it would buy Great Bear for C$1.8-billion, representing C$29 a share, to gain the Dixie project, located in the renowned Red Lake mining district of Ontario.

In reaching its conclusion, ISS noted: “In light of the significant premium, the favourable market reaction, the reasonable strategic rationale and the absence of significant governance concerns, shareholder approval of this resolution is warranted.”

Glass Lewis stated that Great Bear undertook a lengthy and competitive sale process prior to agreeing to a deal with Kinross, which in turn should provide shareholders with a reasonable degree of assurance that the proposed merger likely represented the best available strategic alternative for the company and its shareholders.

Kinross has been actively involved in the diligence of the Dixie property since 2018, and sees the asset as a potential centerpiece in the company’s development portfolio.

Edited by Creamer Media Reporter

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