Update: Northern Star Resources Rejects Unsolicited Gold Fields Takeover Proposal; Shares Up 9%

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Update: Northern Star Resources Rejects Unsolicited Gold Fields Takeover Proposal; Shares Up 9%

MT Newswires Live09:54

(Updates to add stock movement in headline and first paragraph)

Northern Star Resources (ASX:NST) shares rose nearly 9% in morning trade Monday after rejecting an unsolicited, conditional proposal from Gold Fields to acquire all its shares through a scheme of arrangement, offering 0.3125 Gold Fields shares plus AU$7.25 in cash per share.

The proposal valued the shares at AU$27 each when received, but their value had fallen to AU$25.19 based on Gold Fields' Sept. 25 closing price, per the filing.

The company board unanimously rejected the offer, arguing that it significantly undervalued the company, increased shareholder risk through its equity component, was opportunistic ahead of key growth catalysts such as the Fimiston Mill ramp-up, and faced substantial completion and regulatory risks.

The company said it would not pursue further discussions with Gold Fields regarding the proposal, the filing added.

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