Calibre's Top Shareholder Opposes Equinox's $1.8 Billion Bid
Deal News | Mar 18, 2025 | EIN
Calibre Mining's largest shareholder, Van Eck, has expressed opposition to Equinox Gold's acquisition bid of US$1.8 billion for Calibre, stating that the deal lacks synergies. Equinox Gold seeks to consolidate gold production across the Americas through an all-stock proposal to acquire Calibre's US and Nicaraguan operations. The merger aims to position Equinox in the +1Moz gold production club. Van Eck, also a significant shareholder in Equinox, believes the merger will dilute Calibre's potential, particularly as Calibre is advancing towards the production phase of its Valentine gold mine. The merger requires two-thirds shareholder approval from both companies to proceed.
Sectors
- Mining & Metals
- Investment Management
Geography
- Canada – Both Calibre Mining and Equinox Gold are based in Canada, making it the primary geographic focus of the M&A activity.
- Americas – The consolidation effort by Equinox Gold aims to optimize gold production operations across the Americas, including Canada, Mexico, Brazil, the United States, and Nicaragua.
Industry
- Mining & Metals – The article involves companies operating in the gold mining industry, specifically focusing on mergers and acquisitions that aim to expand production capacities.
- Investment Management – Van Eck, an investment management firm, is a key participant in the opposition to the merger, highlighting the influence of investment strategies on M&A decisions.
Financials
- US$1.8 billion – The bid amount for Equinox Gold's acquisition proposal for Calibre Mining.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Calibre Mining | Target Company | Company | A Canadian gold mining company with operations in the US and Nicaragua. |
| Equinox Gold | Bidding Company | Company | A Canadian gold mining company aiming to consolidate assets across the Americas. |
| Van Eck | Major Shareholder | Company | An investment fund that owns 8.69% of Calibre and is the second-largest investor in Equinox Gold. |
| Imaru Casanova | Gold Portfolio Manager | Person | A representative of Van Eck who communicated opposition to the merger. |