(Adds background, comment)
Feb 16 (Reuters) - Newcrest Mining said on Thursday it has
rejected the $16.9 billion offer from U.S.-based Newmont Corp , saying it
does not represent sufficient value for Newcrest shareholders.
"The board has considered the indicative proposal and has unanimously
determined to reject the offer," Newcrest said.
Australia's No. 1 gold miner, however, said it was prepared to provide
access to limited, non-public information on a non-exclusive basis to Newmont
for an improved proposal.
Reuters had reported on Feb. 7 that Newmont was open to slightly increasing
its offer amid concerns its current bid was too low after recent leadership
changes at the Australian company.
Already the world's largest gold producer by market value and ounces
produced, Newmont would become a gold mining behemoth should it prevail in its
bid for Newcrest. The newly combined company would produce nearly twice as much
of the yellow metal as closest rival Barrick Gold Corp .
(Reporting by Savyata Mishra in Bengaluru; Editing by Shailesh Kuber)
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