Eldorado Gold Plan to Buy Foran Opposed by Glass Lewis

A key proxy adviser firm recommended Eldorado Gold Corp. investors vote against its C$3.8 billion ($2.7 billion) bid for Foran Mining Corp., the latest roadblock after Eldorado’s third-largest shareholder called the takeover too expensive.

Glass Lewis & Co. said Eldorado shareholders would end up with a smaller stake in the combined company than the value it’s contributing under the stock-and-cash deal, according to its report published Thursday.