In April, Newmont revised its offer to 0.400 shares per
Newcrest share after the Australian gold miner rejected two
prior offers with exchange ratios of 0.380 shares and 0.363
shares, saying they undervalued the company.
"There is no certainty that the revised proposal will result
in a binding offer for consideration by shareholders," Newcrest
said on Friday.
($1 = 1.4743 Australian dollars)
(Reporting by Sameer Manekar in Bengaluru)
(Updates with Newcrest comment on extension in paragraphs 3 and
6 and background on deal in paragraphs 4 and 5)
May 12 (Reuters) - Newcrest Mining Ltd said on
Friday it has extended the exclusivity period by a week for
Newmont Corp to complete its due diligence on its A$29.4
billion ($19.94 billion) final takeover offer for the Australian
gold miner.
The exclusivity period for Newmont's best-and-final offer of
A$32.87 per share, which was set to expire on Thursday, has now
been extended until May 18.
"Newmont has substantially completed due diligence and
Newcrest has agreed to extend Newmont's exclusivity ... on the
same terms as previously announced to provide further time for
Newmont to complete its due diligence and submit a binding
offer," Newcrest said.
Newmont, already the world's biggest gold producer, did not
immediately respond to a Reuters request for comment.
If the deal goes through it will be the third-largest
transaction ever involving an Australian company and the third
largest globally this year. It will lift Newmont's gold output
to nearly double that of its nearest rival Barrick Gold Corp .
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