Agnico-Eagle Mines Limited announced on May 1, 2007 the successful completion of its offer to acquire all of the issued and outstanding common shares of Cumberland Resources Ltd. The offer was carried out by way of a cross-border share exchange takeover bid with Cumberland shareholders receiving 0.185 of a common share of Agnico-Eagle for each Cumberland share, representing a transaction value of approximately $710 million. Agnico-Eagle acquired approximately 92 per cent of the outstanding Cumberland shares not previously owned by it and has commenced a compulsory acquisition of the remaining shares.
Cumberland's principal asset is its 100 per cent owned Meadowbank gold project, an open-pit gold mine located in Nunavut. The project is currently under construction and Agnico-Eagle anticipates that initial gold production will commence in early 2010.
Agnico-Eagle was represented by Gregory Laing, general counsel, senior vice-president, legal and corporate secretary and, on both sides of the border, by Davies Ward Phillips & Vineberg LLP with a team in Toronto that included Patricia Olasker, Steven Harris and Kathleen Grandy (corporate and securities); Ian Crosbie and Claire Kennedy (tax) and Christopher Margison (competition) and a team in New York that included Gerald Shepherd and Darren Novak (corporate and securities) and Abraham Leitner (tax).
Gowling Lafleur Henderson LLP acted as Canadian counsel to Cumberland with a team that included Louis Montpellier, Cyndi Laval and Grace McDonald (corporate) and Alan Rautenberg (tax) and William Vanveen (competition). Dorsey & Whitney LLP acted as US counsel to Cumberland with a team that included Randal Jones and Shona Smith. Blake, Cassels & Graydon LLP acted as counsel to Cumberland's special committee with a team led by Bob Wooder and including Bill Maclagan and Michael Johnson.