Barrick Makes Unsolicited Bid for Newmont, but Potential Deal Faces Many Challenges in Current Form
After confirming news that it considered an acquisition of Newmont on Feb. 22, Barrick Gold formally announced an unsolicited bid on Feb. 25. Barrick's all-share offer contains no premium at an exchange rate of 2.5694 Barrick shares for each Newmont share. At Barrick’s current share price, the offer price is roughly $32 per share, which is a 16% discount to our fair value estimate for Newmont but roughly within fair value range due to our very high uncertainty rating.Given Newmont's resistance ...
Barrick Gold is engaged in the production and sale of gold, as well as related activities such as exploration and mine development. Co. also produces copper and hold interests in oil and gas properties located in Canada. Co.'s mining operations are concentrated in three regional business units: North America, South America and Australia Pacific. Co. also hold a 73.9% equity interest in African Barrick Gold plc that owns gold mines and exploration properties in Africa. Co.'s copper business unit contains producing copper mines located in Chile and Zambia; and a mine under construction located in Saudi Arabia.
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