On July 28, 2000, Barrick Gold Corporation (Barrick) announced that its friendly take-over bid for Pangea Goldfields Inc. had been successful and over 90 per cent of the shares had been taken up under the takeover offer. Barrick had made a cash offer of $7.00 per Pangea share, valuing the deal at approximately $210 million. The bid will be completed by the end of July 2000.
Macleod Dixon acted for Pangea with a team of lawyers led by Albert Gourley and Frank Herbert. Davies, Ward & Beck acted for Barrick with a team of lawyers led by Kevin Thomson. Jay Kellerman of Stikeman Elliott acted for BMO Nesbitt Burns Inc. in their capacity as financial advisor to Pangea.