business12 days ago
Northern Star board slams Gold Fields bid as 'opportunistic' amid Elliott pressure
Australia’s largest gold miner, Northern Star Resources, has unanimously rejected a takeover proposal from South Africa’s Gold Fields, labeling the offer as undervalued and opportunistic. The bid, which valued Northern Star at approximately A$38.7 billion, included a mix of cash and Gold Fields shares. Despite the rejection, Northern Star’s shares rose significantly on Monday, while Gold Fields shares fell sharply. US hedge fund Elliott Management, which previously urged Northern Star to seek a sale, is now calling for the board to resume talks with Gold Fields.