Gold Fields ( NYSE: GFI ) said its board has unanimously recommended the proposed Yamana Gold ( NYSE: AUY ) acquisition, with shareholders set to vote on the deal by November 21-22.
The all-stock deal requires the approval of 75% of Gold Fields ( GFI ) shareholders, while Yamana ( AUY ) needs 66.67% support.
"We are making good headway in all conversations" regarding the controversial acquisition, Gold Fields ( GFI ) CEO Chris Griffith said, according to Reuters, adding that "the numbers are pointing in the right direction."
An independent evaluation produced by CIBC World Markets estimates Yamana's ( AUY ) mineral asset value at $6.825B-$8.025B, in line with Gold Fields' ( GFI ) initial $6.7B offer price.
Investor concerns that the deal was dilutive and overvalued Yamana ( AUY ) sent Gold Fields ( GFI ) shares plunging more than 20% on the day of the announcement .
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Gold Fields board recommends Yamana deal; assets valued as much as $8B