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Kirkland Lake Gold Ltd. ("Kirkland Lake Gold", the "Company" or "KL") (TSX:KL) (NYSE:KL) (ASX:KLA) today announced that Glass, Lewis & Co., LLC ("Glass Lewis") has become the second leading independent proxy advisory firm to recommend that the Company's shareholders vote FOR the merger of equals (the "Merger") with Agnico Eagle Mines Limited ("Agnico Eagle") (TSX:AEM) (NYSE:AEM) by way of a plan of arrangement (the "Arrangement"). Glass Lewis' endorsement follows a favourable report from Institutional Shareholder Services Inc. ("ISS"), released last week, which also recommended that shareholders vote FOR the Merger with Agnico Eagle (see the Kirkland Lake Gold press release dated November 10, 2021, entitled, "Kirkland Lake Gold Reports Favourable Recommendation from ISS for Merger of Equals with Agnico Eagle Mines Limited").
On September 28, 2021, Kirkland Lake Gold and Agnico Eagle entered into a merger agreement pursuant to which Agnico Eagle will acquire all of the issued and outstanding common shares of Kirkland Lake Gold on the basis of 0.7935 of an Agnico Eagle common share for each Kirkland Lake Gold common share held. Upon completion of the Arrangement, existing Kirkland Lake Gold and Agnico Eagle shareholders are expected to own approximately 46% and 54% of the outstanding shares of the pro forma company, respectively.
In reaching its recommendation, Glass Lewis noted:
"Taken collectively, then, we believe there is adequate cause for investors to conclude the proposed arrangement is a strategically compelling merger of equals resulting from a lengthy and considered review yielding scrip-for-scrip terms reasonably reflective of the relative performance, resources and market value of the two firms involved."
Tony Makuch, President and CEO of Kirkland Lake Gold, commented: "We are pleased that both of the leading proxy advisory firms have now recommended shareholders vote FOR the Merger with Agnico Eagle. We are particularly encouraged that, in providing their favourable recommendations, both Glass Lewis and ISS referenced the compelling strategic rationale for the combination, which was a key factor in our decision to merge. We are two companies that have low-cost, high-margin operations in favourable jurisdictions; that are committed to maintaining significant financial strength while also investing for future growth and returning significant capital to shareholders; and that share industry leadership in key areas such as growing reserves, building per share value and ESG. The Merger is the right strategic fit for our companies and our shareholders and will create a new leader in the gold mining industry."
