AEM - Why Kirkland Lake Gold Stock Crashed on Tuesday
Kirkland Lake Gold (NYSE: KL) announced on Tuesday it will merge with Agnico Eagle Mines (NYSE: AEM) , and shareholders in the gold stock aren't happy. While Kirkland shares were tanking 7.8% as of 3 p.m. EDT, Agnico Eagle shares were down about 1.1% as of 3 p.m.
In a deal announced on Sept. 28, Kirkland Lake Gold will combine with Agnico Eagle Mines in a "merger of equals," with Kirkland Lake shareholders set to receive 0.7935 of Agnico Eagle shares for each Kirkland Lake stock held. That values the deal at roughly $11 billion.
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Why Kirkland Lake Gold Stock Crashed on Tuesday