Gold Road rebuffs Gold Fields' A$3.3bn takeover bid

From miningweekly.com

South Africa-headquartered Gold Fields’ attempt to take full control of the Gruyere gold mine in Western Australia has been rejected, with joint venture (JV) partner Gold Road Resources turning down a A$3.3-billion acquisition proposal. Gold Fields, which operates the Gruyere mine, earlier this month made an offer to acquire Gold Road at A$3.05 a share, comprising a fixed portion of A$2.27 and a variable portion linked to Gold Road’s stake in De Grey Mining. The bid valued Gold Road’s equity at A$3.3-billion. “We are disappointed that Gold Road’s board has rejected our proposal,” Gold Fields CEO Mike ... (full story)