ISS Backs Eldorado’s Foran Acquisition as Shareholders Urged to Vote

Overview

• ISS recommended shareholders of both Eldorado and Foran vote for the proposed deal, citing diversification, growth, exploration upside, financial flexibility, and a possible re-rating.
• ISS advises about 3,400 institutional clients, which gives its guidance weight with fund managers who often decide close contests.
• The offer pays 0.1128 of an Eldorado share plus C$0.01 in cash for each Foran share and would make Foran a wholly owned unit if it closes.
• Shareholders were urged to submit proxies before the April 2 deadline at 10:00 a.m. Vancouver time to ensure their votes are counted.
• Special meetings on April 7 will ask Eldorado holders in Vancouver to approve share issuance and Foran securityholders in Toronto to approve the Arrangement.