Deals
Barrick Has No Intention to Raise Newmont Offer, Source Says
- Barrick unveiled hostile bid on Monday with a negative premium
- Newmont CEO calls takeover attempt “desperate and bizarre”
Photographer: Diego Levy/Bloomberg
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Barrick Gold Corp. has no intention of increasing its hostile offer for Newmont Mining Corp., according to a person familiar with the matter who asked not to be identified because the talks are private.
On Monday, Barrick proposed to buy Newmont in an all-share $17.8 billion hostile deal that valued the rival miner’s stock at 8 percent below the prior closing price. Newmont responded that its board would consider the offer, while simultaneously criticizing Barrick’s operating model and saying that its own pending takeover of Goldcorp Inc. offered “superior benefits.”