23rd Oct 2018 17:47
LONDON (Alliance News) - Randgold Resources Ltd said Tuesday that two independent proxy advisory firms recommended its shareholders to vote in favour of the company's proposed merger with Barrick Gold Corp.
The miner said that both Institutional Shareholder Services and Glass Lewis made the recommendation to its shareholders.
In September, Randgold announced an all-share merger with Canada's Barrick Gold Corp with the aim of creating an "industry-leading gold company".
Randgold shareholders will receive 6.1280 Barrick shares per Randgold share - following the deal, Barrick shareholders will own just short of 67% of the new company with Randgold's holding the rest.
The merger is expected to complete by the end of the first quarter of 2019. It will see Randgold leave the London Stock Exchange, where it is currently a FTSE 100 constituent.
The new company, to be called Barrick Group, will be listed on both the New York and Toronto stock markets.
Randgold shares closed up 3.8% at 6,534.00 pence.
Related Shares:
Randgold Resources