South Africa’s Gold Fields Ltd. will not make a new bid to buy Toronto-based Yamana Gold Inc. after Canadian miners Agnico Eagle Mines Ltd. and Pan American Silver Corp. on Friday made a combined US$4.8-billion offer that includes stock and cash.
Yamana on Friday said the new proposal is superior to the one it inked with Gold Fields on May 31 and that the South African miner had five days to match it. But Gold Fields’ chief executive Chris Griffith said the company’s board unanimously voted not to propose a new offer.
“We continue to believe our transaction is strategically and financially superior,” he said in a press release on Monday. “We believe in the highly complementary fit of Yamana’s operating assets and its extensive pipeline of future growth projects will create significant near-term and long-term value for the shareholders.”
Gold Fields’ all-stock transaction buyout offer for Yamana was valued at roughly US$6.7 billion at the time, but the deal subsequently faced opposition from some of its largest shareholders.
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