Northern announces expiry of bid for HDGNorthern annouces expiry of take-over bid for High Desert and praises Special Committee for value creation
TORONTO, Dec. 5 /CNW/ - Northern Financial Corporation ("Northern") (TSX:
NFC) announced that its take-over bid (the "Offer") for all of the issued and
outstanding common shares of High Desert Gold Corporation (TSX: HDG) ("High
Desert") expired today at 5:00 PM (Toronto time), and Northern will not be
extending the Offer. Certain conditions of the Offer were not satisfied or
waived, including the minimum tender condition and, as a result, Northern will
not be taking up any High Desert shares deposited under the Offer; all High
Desert shares deposited under the Offer will be returned.
As a significant shareholder of High Desert, Northern believes that High
Desert's Board of Directors and Special Committee did a commendable job in
quickly providing shareholders with a value-creating alternative to our Offer.
In presenting shareholders with the option of tendering their shares into High
Desert's substantial issuer bid, High Desert is giving shareholders the choice
to (i) sell all, or part, of their equity interest to High Desert in return
for cash, or (ii) continuing to hold an equity interest in High Desert and
potentially increasing their proportional ownership interest in High Desert
following the completion of the substantial issuer bid. It is Northern's view
that High Desert's Board of Directors and Special Committee team acted in a
professional manner, with integrity and in the best interest of shareholders
during this process.