Newcrest Mining ( OTCPK:NCMGF ) ( OTCPK:NCMGY ) said Wednesday its board rejected Newmont's ( NYSE: NEM ) all-stock takeover offer, saying it does not represent sufficient value for its shareholders.
Newcrest ( OTCPK:NCMGF ) ( OTCPK:NCMGY ) is not closing the door, saying "in order to determine if Newmont can provide an improved proposal for consideration by the board that appropriately reflects the value of Newcrest, the board has indicated to Newmont that it is prepared to provide access to limited, non-public information on a non-exclusive basis."
Earlier this month , Newmont ( NEM ) offered Newcrest ( OTCPK:NCMGF ) ( OTCPK:NCMGY ) shareholders 0.38 shares for each Newcrest share, which would value Newcrest at ~$17B.
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Newcrest Mining rejects Newmont's takeover offer