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.

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