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Newmont Offers “Best And Final” Bid For Newcrest At $19.5 Billion

On Tuesday, Newmont Corp (NYSE: NEM) made a best and final offer of A$29.4 billion ($19.5 billion) for Australia’s Newcrest Mining (TSX: NCM) in order to finalize a merger that would expand Newmont’s lead as the world’s largest gold producer.

According to the revised proposal, Newcrest shareholders would get 0.4 Newmont shares for each Newcrest share owned. Newcrest will also be allowed to pay a franked special dividend of up to $1.10 per share on or around the date the plan of arrangement is implemented.

This comes as the Colorado-based gold producer’s third offer after Newcrest recently rejected the previous bid of 0.380 Newmont shares for every Newcrest share held, with a price tag equivalent to $16.9 billion. This also a revised offer from the initial exchange ratio of 0.363 Newmont shares for each Newcrest share.

The new bid effectively prices the offer at A$32.87 per share to Newcrest shareholders, which would own 31.1% of the resulting firm.

Following the news, Newcrest shares jumped anew, rallying over 5% on the day.

If the transaction goes through, Newmont’s gold output will roughly quadruple that of its nearest competitor, Barrick Gold Corp. According to Refinitiv and Reuters calculations, the merger will be the third-largest deal ever involving an Australian company and the third-largest globally in 2023.

“This transaction would strengthen our position as the world’s leading gold company by joining two of the sector’s top senior gold producers and setting the new standard in safe, profitable and responsible mining,” Newmont CEO Tom Palmer said in a statement.

After the first two rejected proposals, the Australian miner said that it would give Newmont access to the company’s “limited, non-public information on a non-exclusive basis” so that it can provide an improved proposal “that appropriately reflects the value of Newcrest.”


Information for this briefing was found via Sedar, Reuters, and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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