On January 15, 2016, Sprott Asset Management completed its successful hostile takeover bid to acquire all of the outstanding units of Central GoldTrust in exchange for units of Sprott Physical Gold Trust on a net asset value to net asset value basis. The transaction was valued at over $1 billion.
Sprott Asset Management was represented in-house by Arthur Einav, by Stikeman Elliott LLP with a team that included John Ciardullo, Mihkel Voore, J.R. Laffin and Shawn Smith (M&A), Peter Howard, Eliot Kolers, Mel Hogg, Aaron Kreaden and Vlad Calina (litigation), John Lorito and Jill Winton (tax), Paul Collins and Meaghan McDonald (competition), and by Paul, Weiss, Rifkind, Wharton & Garrison LLP with a team that included Christopher Cummings, Ted Maynard, Patricia Vaz de Almeida and Tammy Wang (M&A), David Mayo and Rodney Hill (tax).
Central GoldTrust was represented by Dentons Canada LLP with a team that included Mark Mahoney, Corey MacKinnon and Ralph Shay (M&A), Matt Fleming (litigation) and Mark Jadd and Larry Nevsky (tax).
Bennett Jones LLP acted for the Special Committee of Independent Trustees of Central GoldTrust with a team that included Norm Findlay, Jeff Kerbel, Kris Hanc, Aaron Sonshine, Chris Doucet and Ted Gotlieb (M&A) and Rob Staley, Alan Gardner, Derek Bell, Jonathan Bell, Amanda McLachlan and Joseph Blinick (litigation) and Clare Kennedy (tax).