Responding to last week's development that Agnico Eagle Mines and Pan American Silver are bidding for Yamana, Gold Fields said it will not change the terms of its bid.
Gold Fields launched a $6.7-billion bid for Yamana in the spring. Agnico and Pan American announced an offer last week. Yamana said it supports the new bid.
"“The Board was unanimous in its decision not to offer to change the terms of the Transaction as we continue to believe our Transaction is strategically and financially superior," wrote Gold Fields CEO Chris Griffith in a news release. "We believe in the highly complementary fit of Yamana's operating assets and its extensive pipeline of future growth projects will create significant near-term and long-term value for the shareholders of both Gold Fields and Yamana when added to Gold Fields’ current portfolio of assets."
Gold Fields bid received criticism from some major shareholders. Last month the head of investment firm VanEck, which is Yamana's biggest shareholder, said the Gold Fields-Yamana merger would create a more complex company with not much synergy, according to a report by Reuters.
