Foran Mining Investor Fairfax Financial Supports Acquisition by Eldorado Gold

By Adriano Marchese

Fairfax Financial Holdings has agreed to vote with all of its shares in favor of Eldorado Gold's proposed acquisition of all Foran Mining shares.

Foran Mining on Monday said Fairfax, a Canadian financial holding company with a large stake in Foran, agreed to vote in favor of Eldorado Gold's plan to acquire Foran.

Fairfax has about 94.1 million Foran Mining common shares and 27.8 million nonvoting shares, the latter of which convert into common shares on a one-for-one basis in connection with a change-of-control transaction, Foran said. Assuming such a conversion, together these represent a total of about 21.6% of the company's issued and outstanding common shares that it can use for the vote, the company said.

Under the terms of the acquisition, Foran shareholders will receive roughly 0.11 common share of Eldorado, and C$0.01 in cash, for each Foran share held. The deal was worth about 3.8 billion Canadian dollars (about US$2.74 billion according to the current conversion rate) when it was signed in early February.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

March 30, 2026 07:32 ET (11:32 GMT)