Newcrest Mining Ltd said on Tuesday it had given U.S.-based Newmont Corp access to its books following a sweetened bid that values the Australian gold miner at A$29.4 billion ($19.54 billion).
Newcrest shareholders will receive 0.400 Newmont share for every share held under the revised offer. The prior offer of 0.380 Newmont share had valued the Australian miner at $16.9 billion.
The latest bid represents an implied offer price of A$32.87 per Newcrest share, a 16% increase on the initial proposal.
Newmont is already the world’s largest gold producer by market value and ounces produced, but if it prevails in its bid for Newcrest, the new company would produce nearly twice as much.
($1 = 1.5049 Australian dollars)
Reuters