Newmont's board rejects Barrick's hostile offer


By Danielle Bochove and Ed Hammond
Bloomberg News
Monday, March 4, 2019

Newmont Mining Corp. rejected Barrick Gold Corp.'s $17.8 billion unsolicited takeover bid, a deal that would've created the world's largest gold producer.

The board unanimously rejected the proposal, saying it would not be better than Newmont's previously announced takeover of Goldcorp Inc., the Colorado-based company said in a statement today. Instead, Newmont submitted a joint venture proposal to Barrick that would encompass the two companies' Nevada operations.

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Newmont had raised serious doubts about Toronto-based Barrick's proposal -- a hostile all-share no-premium bid -- from the day it was announced Feb. 25. Newmont said its previously announced agreement to take over Goldcorp offered better benefits, and Chief Executive Officer Gary Goldberg called Barrick's takeover offer "desperate" and "bizarre."

"The combination with Goldcorp is significantly more accretive to Newmont's shareholders on all relevant metrics compared to Barrick's proposal, even when factoring in Barrick's own synergy estimates," Goldberg said in the statement. ...

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