Gold Fields surges as acquisition target Yamana gets 'superior offer' | Fin24

Shares of Gold Fields jumped by double digits on Friday afternoon, which came as acquisition target Yamana Gold said it had received a superior offer from Agnico Eagle Mines Limited and Pan American Silver.

Yamana said in a statement that its board had determined the new offer to be superior, giving Gold Fields five business days to amend the terms of its offer, although it isn’t obligated to do so. "The complementary nature of Yamana’s assets to the Gold Fields portfolio will create significant greater near-term and long-term value for the shareholders of Gold Fields and Yamana than the joint offer," it said in a statement.

Some investors have been vocal about their concern over all-share offer that was valued at $6.7 billion when announced, which reflected a 30% premium to Yamana's market value of $5.2 billion at the time.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Gold Fields Chilean mine project hits ‘severe weather’ delay, released chinchillas doing fineThe $940-million Salares Norte project in the Chilean Andes has hit a fresh delay because of “severe weather”, highlighting the risks of building a mine at such latitudes and altitudes. But the surviving chinchillas of its wildlife relocation debacle are still doing just fine.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Yamana Bidding War Looms After Rival $4.8 Billion OfferA bidding war may be brewing for Yamana Gold Inc., with Pan American Silver Corp. and Agnico Eagle Mines Ltd. making a $4.8 billion offer to buy the Canadian miner weeks before investors were set to vote on a merger with South Africa’s Gold Fields Ltd.
Source: dailymaverick - 🏆 3. / 84 Read more »