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Newcrest tells Newmont to raise its acquisition bid
By Nick Toscano
Sydney Morning Herald
Thursday, February 16, 2023
Top Australian gold miner Newcrest has rejected a takeover proposal from U.S. mining giant Newmont, arguing that it undervalues the company, but has agreed to open its books to see if it can extract a higher offer from the suitor.
Newmont, the world's largest listed gold miner, launched a bid this month to acquire all of Melbourne-based Newcrest's shares at a 22% premium to their previous closing price in a deal that values the company at nearly $US17 billion (A$24.4 billion).
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In an update to investors today, Newcrest said its board had considered the indicative offer but had unanimously determined to reject it as it "does not represent sufficient value for Newcrest shareholders."
"To determine if Newmont can provide an improved proposal for consideration by the board that appropriately reflects the value of Newcrest, the board has indicated to Newmont that it is prepared to provide access to limited, non-public information on a non-exclusive basis," it said. ...
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