Northern Star Resources rejects A$38.7 billion takeover bid from Gold Fields

(Updates with details on deal from paragraph 2) Sept 28 (Reuters) — Australia's Northern Star Resources said on Monday it rejected an unsolicited takeover proposal from South Africa's Gold Fields that valued the gold miner at A$38.43 billion ($26.95 billion). Gold Fields' offer implied a value of A$27.00 per Northern Star share, representing a 22% premium to the stock's last close. Under the deal, Northern Star shareholders would have received 0.3125 new Gold Fields shares and A$7.25 in cash for each Northern Star share. The Perth-based gold miner said the proposal would have left shareholders with significant exposure to Gold Fields stock, which it said carried a higher jurisdictional risk profile than Northern Star's existing asset base. Gold Fields did not immediately respond to a request for comment. Northern Star appointed a new chief executive in July as the miner faced pressure from activist investor Elliott Investment Management for a strategic review. ($1 = 1.4261 Australian dollars) (Reporting by Roshan Thomas in Bengaluru; Editing by Mark Porter and Jamie Freed) ((Roshan.Thomas@thomsonreuters.com;)