Why Kinross Gold Slumped 11% on Thursday
Shares of Kinross Gold (NYSE: KGC) slumped on Thursday after the miner announced a $1.4 billion deal to acquire Great Bear Resources. As of 1:05 p.m. ET, the stock was down by 10.9%.
In a press release sent out on Wednesday, Kinross Gold announced its intent to acquire Great Bear Resources for $1.4 billion in stock and cash at a proposed price of 29 Canadian dollars per share. The target company owns a mining complex in Ontario, Canada, and it looks like Kinross Gold management thinks it could be a top-tier deposit area.
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Source Fool.com
