Newmont Board Rejects Barrick’s Acquisition Proposal; We Continue to Think Goldcorp Deal More Likely
On March 4, Newmont’s board of directors announced that Barrick’s unsolicited acquisition proposal was not in the best interests of Newmont’s shareholders, an unsurprising roadblock. As we said in our Feb. 25 note, we thought Newmont’s acquisition of Goldcorp was more likely to be completed than a switch to Barrick’s proposed merger. Newmont argues that Barrick’s bid not only offers a negative premium to shareholders, but also does not constitute a “Newmont Superior Proposal†as defined under it...Goldcorp is a gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the United States, Mexico, and Central and South America. Co.'s metal properties consist of gold, silver, copper, lead and zinc.
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