Gold Fields refuses to make new offer for Yamana, despite competing bid from Canadian miners Naimonthefield
Yamana on Friday said the new proposal is superior to the one it inked with Gold Fields on May 31 and that the South African miner had five days to match it. But Gold Fields’ chief executive Chris Griffith said the company’s board unanimously voted not to propose a new offer.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
Joe Foster, who manages gold investments at VanEck, which counts itself among, if not the largest, shareholder in both Yamana and Gold Fields, has said their potential combination made little sense to him.Reuters on Oct. 27. “It’s a deal that just doesn’t make fundamental sense to me.” The aggregate value of their proposal is US$5.02 per Yamana share, a 23-per-cent premium to Yamana’s closing price on Nov. 3 of US$4.08.Article content
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