Gold Road rejects takeover bid from Gold Fields, valuing company at A$2.27/share

From Yahoo Finance: 2025-03-25 05:52:00

Australian miner Gold Road Resources has rejected a takeover offer from Gold Fields, valuing the company at A$2.27 per share. The board deemed the offer undervalued and opportunistic, especially given Gold Road’s interest in De Grey Mining. Gold Fields manages the Gruyere Joint Venture with Gold Road and made the proposal before exploration results for a potential underground expansion of the Gruyere mine. The proposed acquisition would enhance Gold Fields’ ownership of Gruyere, a low-cost, long-life gold mine in Western Australia. Gold Road presented a counterproposal to acquire Gold Fields’ 50% stake in the Gruyere JV, which was declined. Gold Fields CEO expressed disappointment about the rejection and highlighted the benefits of the proposed acquisition. Gold Road has not been informed of any intent by Gold Fields to purchase additional securities. Gold Road has engaged Gresham Partners as its financial adviser and Corrs Chambers Westgarth as its legal adviser. In October 2024, Gold Fields completed the acquisition of Osisko Mining for $1.39bn.

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