August 10, 2020
Weil is advising Highland Gold Mining Ltd., a well-established gold producer with a world class Russian asset base of production, development and exploration projects, on the £1B recommended pre-conditional mandatory takeover offer made by Fortiana Holdings Limited.
Contemporaneously with announcing its offer, Fortiana Holdings agreed to acquire c. 40% of Highland Gold’s share capital from a group of selling shareholders, triggering a requirement to make a mandatory takeover offer under the UK Takeover Code. Fortiana Holdings’ offer is subject to a pre-condition relating to approval of the transaction by the Russian Federal Antimonopoly Service. Fortiana Holdings’ offer is the first pre-conditional mandatory takeover offer ever announced under the UK Takeover Code. The transaction is expected to complete in Q4 2020 and is subject to a mandatory acceptance condition of more than 50% of Highland Gold shares.
The Weil team advising Highland Gold is led by Mergers & Acquisitions partner David Avery-Gee, and includes Senior Consultant Ian Hamilton, Mergers & Acquisitions associates Martin Weatherston-Wilson and Lottie Hudson, and Trainee Associate Eilish Cassidy.