Gold Field’s (JSE, NYSE: GFI) intended acquisition of Canada’s Yamana Gold (TSX: YRI; NYSE: AUY) remains in limbo, though the South African miner has gained backers and says its shareholders are starting to understand the strategy.
Speaking after his second international roadshow to turn deal detractors around, Gold Fields chief executive Chris Griffith said some of the company’s investors are still fixed on the 33.8% premium offered for Yamana.
Since the Johannesburg-based miner approached its target, shareholders have criticized the proposed all-stock merger, arguing the friendly approach does not guarantee growth and profitability.
Griffith, who has been at the helm since April 2021, has said Gold Fields offered a large premium because Yamana was trading at a discount to net asset value and the offer would have been dismissed at a lower price.
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