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Gold Road Rejects $2.1 Billion Offer From South Africa Rival

Gold Road Resources Ltd. rejected a private takeover offer from Gold Fields Ltd. that valued the Australian miner at A$3.3 billion ($2.1 billion), with the South African company publicly announcing the proposal on Monday in a bid to win over shareholders.



Gold Road Resources Ltd. rejected a A$3.3 billion ($2.1 billion) takeover offer from Gold Fields Ltd., who then publicly announced the proposal. Gold Fields hoped shareholders would find the offer compelling, even after the board's private rejection. The acquisition would have consolidated Gold Fields' ownership of the Gruyere mine joint venture. Gold Road had proposed buying out Gold Fields' stake in the operation, but this was rejected. Gold Road shares jumped 11% following the announcement.

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