M&A Monday is back!
Newcrest Mining has wasted no time confirming it’s sitting on a bid, disclosing an offer from the world’s biggest gold producer Newmont Corporation.Newcrest Mining’s biggest earning asset is the Cadia mine in NSW.By Street Talk’s calculation, and based on Newmont’s most recent close and the exchange rate, it implied $27.40 for every Newcrest share or about a 22 per cent premium to the last close.
Early consensus was that it’s the type of bid to get the ball rolling, and they’ll be pushing Newcrest and its advisers at JPMorgan and Gresham Partners to push for a bit more.
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