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Glass Lewis backs New Gold–Coeur deal

20th January 2026

By: Creamer Media Reporter

     

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Proxy advisory firm Glass Lewis & Co has recommended that New Gold shareholders vote in favour of the proposed plan of arrangement under which Coeur Mining will acquire the Canadian gold producer, adding further momentum to the transaction ahead of a January 27 shareholder meeting.

The recommendation follows a similar “for” vote issued last week by another leading proxy adviser, Institutional Shareholder Services, strengthening New Gold’s position as it seeks shareholder approval for the all-share transaction.

Under the proposed arrangement, a wholly owned subsidiary of US-listed Coeur Mining will acquire all the issued and outstanding common shares of New Gold. New Gold shareholders will receive 0.4959 Coeur shares for each New Gold share held. On completion, existing Coeur shareholders are expected to own about 62% of the combined group, with New Gold shareholders holding the remaining 38%.

In its assessment, Glass Lewis said the transaction was underpinned by a sound strategic rationale, noting that the combination would create a larger precious metals company with increased production, market capitalisation and stronger cash flow generation.

“Strategically, the transaction is based on sound rationale,” Glass Lewis said, adding that the enhanced scale was expected to improve trading liquidity and potentially support inclusion in major US equity indices. The firm also noted that the offer represented what New Gold considers a market premium of about 16% and would provide shareholders with exposure to Coeur’s portfolio of operating mines.

Glass Lewis has also recommended that Coeur shareholders vote in favour of the proposals related to the transaction at Coeur’s own special meeting, also scheduled for January 27.

New Gold shareholders have until January 23 at 11:00 a.m. Eastern Time to lodge their votes ahead of the special meeting, which will be held in Toronto with an option to attend virtually.

 

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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