TVX Gold (TVX-T) reports that the Ontario Superior Court of Justice has ruled that the company’s proposed three-way merger with Kinross Gold (K-T) and Echo Bay Mines (ECO-T) does not trigger any purported rights of first refusal by the Alpha Group over TVX’s Greek assets.
TVX also says that upon the Court’s ruling, the Alpha Group withdrew its motion seeking TVX to disclose the allocation of valuation of TVX’s assets pursuant to the business combination and to any injunctive relief.
The Alpha Group holds a 12% carried interest and the right to a 12% participating interest in the Kasandra property in Greece. The company’s stake was confirmed by the Court of Appeal for Ontario in Ontario in June 2000. In its ruling, the Court said that TVX had used confidential information owned by Alpha in winning a tender process for the property in 1995.
Shares in TVX were trading 64 higher at $16.55 in afternoon trade in Toronto on Jan. 23.
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