Northern Star Resources Ltd. issued a statement confirming that it received, considered and rejected an unsolicited proposal from Gold Fields Ltd. On September 14, 2026, Gold Fields proposed to acquire all shares in Northern Star by way for an implied value of approximately $27.2 billion.
“Gold Fields has sought to acquire one of the world’s premier gold portfolios at a price that falls well short of what the board considers to be its fundamental value and at a highly opportunistic time,” said Northern Star Chairman Michael Chaney. “Furthermore, Gold Fields has asked our shareholders to take nearly three-quarters of the consideration in Gold Fields stock, which carries a meaningfully higher jurisdictional risk profile than the exposure they hold today. These factors, in conjunction with the conditionality of the proposal, are the basis on which the board has unanimously it.”
On September 25, Northern Star informed Gold Fields that the board does not consider it appropriate to engage further in relation to the proposal.
In a statement, Gold Fields said its strategic rationale behind the proposal was to create the second largest global gold producer with significant exposure to Australia, North America and Chile, leading to a sector-leading production profile, reserve life and growth pipeline with the opportunity to unlock meaningful operational, corporate and portfolio optimization synergies. It said that the combined group would be well-placed to leverage Gold Fields’ leading operating platform and complementary technical skillsets across the portfolio.
“While we are disappointed that the Northern Star Board has not yet chosen to engage on a proposal that we continue to believe offers compelling strategic and financial benefits for both sets of shareholders, we remain open to constructive dialogue and continue to seek engagement with the Northern Star Board to discuss the merits of the proposed transaction,” said Mike Fraser, CEO of Gold Fields.
The post Northern Star Rejects Gold Fields Proposal appeared first on E & MJ.
