Like all of us, corporate executives get hot for the deal. Competitive tension kicks in, egos are triggered and corporate treasuries are emptied in an attempt to get the deal done at any cost. Thankfully, there are also many examples of cool-headed CEOs on the JSE who benefit from strong independent boards to keep things calm.
With a cash underpin to that offer and perhaps the opportunity to merge with international miners rather than a South African gold producer, the Yamana board changed its recommendation to shareholders and triggered the $300-million break fee to Gold Fields. Credit to the Gold Fields management team: they opted to let this one go and not get caught up in a bidding war.
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