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Gold Road chair defends Gold Fields takeover rejection
Gold Road Resources chairperson Tim Netscher has defended the company’s decision to reject an unsolicited takeover proposal from joint venture partner Gold Fields, stating that the offer significantly undervalued Gold Road and came at an opportunistic time. Gold Fields had proposed to acquire 100% of Gold Road’s shares through a scheme of arrangement, offering A$2.27 a share in cash, plus a variable component linked to Gold Road’s stake in De Grey Mining. However, the offer was contingent on remaining confidential, with automatic withdrawal if disclosed.
Gold Road Resources chairperson Tim Netscher has defended the company’s decision to reject an unsolicited takeover proposal from joint venture partner Gold Fields, stating that the offer significantly undervalued Gold Road and came at an opportunistic time.
Gold Fields had proposed to acquire 100% of Gold Road’s shares through a scheme of arrangement, offering A$2.27 a share in cash, plus a variable component linked to Gold Road’s stake in De Grey Mining. However, the offer was contingent on remaining confidential, with automatic withdrawal if disclosed.
