India, Sept. 27 -- Northern Star Resources Ltd (NST.AX) announced that it has rejected an unsolicited, non-binding takeover proposal from Gold Fields (GFI,GFI.JO), concluding that the offer materially undervalued the company and exposed shareholders to additional risks.
The proposal, received on September 14, sought to acquire all outstanding Northern Star shares through a scheme of arrangement. Under the offer, shareholders would have received 0.3125 new Gold Fields shares and A$7.25 in cash for each Northern Star share.
Based on Gold Fields' closing share price on September 11, the proposal implied a value of A$27.00 per Northern Star share and an equity valuation of approximately A$38.7 billion. The offer represented a 22% premium to N...