Second activist targets miner Detour, seeks board changes: Reuters
U.S. hedge fund Livermore Partners is calling for an overhaul of the board at Detour Gold Corp and a strategic review, becoming the second activist to target the Canadian mining company, Reuters reported. Livermore sent a letter to Detour this week, saying the board has failed its shareholders on “numerous governance and operational matters.” The move comes after Paulson & Co asked for Detour’s entire board to be replaced and demanded a formal process to evaluate alternatives. Livermore Managing Director David Neuhauser said Detour needed to a hire a global investment bank to evaluate all strategic options, including a sale or a joint venture with a partner, such as a Chinese miner.
16 October 2018•2 mins read
