If successful, the deal would lift Newmont’s gold output to nearly double its nearest rival Barrick Gold Corp
. The merger is set to be the third-largest deal ever involving an Australian company and the third-largest globally in 2023, according to data from Refinitiv and Reuters calculations.
Under the revised offer, Newcrest shareholders would receive 0.400 Newmont share for each share held, with an implied value of A$32.87 a share, up from a previous exchange ratio of 0.380 that Newcrest’s board unanimously rejected in February. Newmont’s earlier offer had been seen as opportunistic by some investors given it came at a vulnerable time for the company. Newcrest is seeking a replacement for former Chief Executive Officer Sandeep Biswas, who stepped down in December.
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