Northern Star rejects Gold Fields' A$38.7 billion takeover bid

12 billion). 00 per Northern Star share, representing a 22% premium to the stock's last close before the proposal was received on September 14. 1%. 25 in cash for each Northern Star share.

19 per share in the Australian miner, Northern Star said, representing only a 14% premium. "Gold Fields has sought to acquire one of the world's premier gold portfolios at a price that falls well short of what the Board considers to be its fundamental value and at a highly opportunistic time," Northern Star Chairman Michael Chaney said in a statement. Northern Star is one of Australia's largest gold miners, and the approach comes at a time when surging gold prices are driving consolidation across the sector.

The Perth-based gold miner appointed a new chief executive in July as it faced pressure from US activist investor Elliott Investment Management for a strategic review. Gold Fields and Elliott did not immediately respond to requests for comment about the rejected offer. Northern Star 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. Northern Star said the approach was also subject to several onerous conditions, including a request for a period of "hard" exclusivity.

The company also said the proposal materially undervalued its portfolio of long-life assets and was made ahead of key growth catalysts, including the commissioning and ramp-up of the Fimiston Mill. Johannesburg-listed Gold Fields expanded its Australian footprint with the acquisition of Gold Road Resources in 2025, securing full ownership of the Gruyere gold mine in Western Australia. com;)