The rejected bid offered a 14% premium over the closing price, providing shareholders with AU$7.25 in cash and 0.3125 new Gold Fields shares per share. Northern Star Chairman Michael Chaney stated the price fell well short of the firm's fundamental value, although a merger would have created the world's No. 2 gold miner. Northern Star is currently facing pressure from activist investor Elliott Investment Management to sell the company or divest assets to improve operational performance.
Wednesday, October 21, 2026
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Gold Fields Bets on Shareholder Pressure to Revive $27B Northern Star Bid
Business23 days ago
The board of South Africa's Gold Fields expects that owners of Northern Star Resources will push the company to reconsider a rejected acquisition offer. Northern Star, Australia's largest gold miner, formally declined the $27 billion non-binding proposal on Friday, describing the move as opportunistic and claiming it materially undervalued the business. Shares in Northern Star jumped more than 9% on Monday following the announcement that the board would not engage further with the suitor.
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