Newmont rejects Barrick's buyout offer, proposes Nevada JV
- Barrick Gold Corp Chief Executive Mark Bristow said on Monday he wants to speak immediately with Newmont Mining Corp about a proposed Nevada joint venture, even as his company moves to take a $18 billion takeover offer directly to Newmont shareholders.
Newmont’s JV proposal, unveiled Monday, seeks to combine adjacent mines and other facilities in Nevada. While the logic of integrating operations seems clear to both Barrick and Newmont, the sticking point has been control. Neither side seems to agree on the full value of the Nevada assets. Newmont’s JV proposal uses publicly available materials to estimate value, as neither side has sat down to formally hash out how a JV could work.
“Shareholders will at least have an alternative to consider to the proposed Newmont-Goldcorp transaction,” Bristow said. “We need to make a formal alternative to the current agreement that’s in place.” Barrick’s offer of 2.5694 common shares for each Newmont share was equivalent to about $33 per share, which represented a discount of $3.48 to Newmont’s closing price on Feb. 22, the last trading day before the offer was announced.Bristow said in the interview that Newmont’s Australian assets likely would be sold to an Australian company should he prevail in his buyout and that he has already talked with several Australian miners.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nevada Is the Jackpot of a Barrick-Newmont MergerBarrick Gold’s bid to acquire rival gold producer Newmont Mining centers on a plan to combine portfolios and operations in the state of Nevada.
Read more »
Newmont rejects Barrick's buyout offer, proposes Nevada JVNewmont Mining Corp rejected rival Barrick Gold Corp's $18 billion buyout o...
Read more »
Newmont rejects Barrick's buyout offer, proposes Nevada tie-upNewmont Mining on Monday rejected rival Barrick Gold's unsolicited offer, saying the all-stock proposal was not in the best interest of its shareholders as it was offered at a discount.
Read more »
Newmont rejects Barrick's buyout offer, proposes Nevada tie-upNewmont Mining Corp on Monday rejected rival Barrick Gold Corp's unsolicite...
Read more »
Gold miners bury a good deal under two shiny onesNewmont has rejected an $18 bln stock offer from Barrick, saying shareholders fare better in its agreed purchase of Goldcorp. But Barrick’s arguments – and bigger benefits for Newmont’s owners – hinge on the two joining forces in Nevada. Neither merger is required for that.
Read more »
Analysis | Why Nevada vs. Utah State is the first big game of March MadnessAnalysis: No game in the country this weekend figures to have bigger March Madness ramifications than this Mountain West matchup
Read more »
Nevada 2020 caucus ‘free-for-all’ heats upNo Democratic presidential hopeful has staked a claim to Nevada yet, but behind the scenes, early campaigning and organization is underway.
Read more »
Utah State's upset of Nevada leads to profanity-laced incident after gameVideo posted to social media shows some Nevada men's basketball players and coaching staff visibly upset as they attempted to reach their locker room.
Read more »
Nevada regulators fine Wynn Resorts $20 million in settlementNevada casino regulators said on Tuesday they had fined Wynn Resorts Ltd $20 mil...
Read more »
MLB asked Nevada to stop taking bets on spring training games. Nevada said no.The state's gaming officials do not share the league's concerns that betting on exhibition games could affect their integrity.
Read more »