South Africa-based Gold Fields is taking its $38 billion takeover pursuit of Northern Star Resources directly to Australian institutional investors, hoping they will pressure the board into negotiations after it rejected the offer as “highly opportunistic”. If the deal succeeds, the combined group would be the world's second-biggest gold producer, controlling eight of Australia's 20 biggest gold mines and producing 4.1 million ounces a year. The initial offer was 0.3125 Gold Fields shares plus $7.25 in cash for each Northern Star share, valuing the company at $38.7 billion with a 22 per cent premium. Chairman Michael Chaney says the bid is now below Northern Star's share price, which is more than 10 per cent higher than the day before news of the approach leaked. Activist investor Elliott Investment Management, which holds a 6 per cent stake, is one of the top shareholders Gold Fields is trying to win over.
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