Newcrest Mining receive revised non-binding proposal from Newmont

Newcrest Mining (NCMGY) said it has received a revised conditional and non-binding proposal from Newmont Corporation (NEM) to acquire 100% of the issued shares in Newcrest, by way of a scheme of arrangement. Under the Revised Proposal, Newcrest shareholders would be entitled to receive 0.400 Newmont shares for each Newcrest share held. In addition, the Revised Proposal permits Newcrest to pay a franked special dividend of up to $1.10 per share on or around the implementation of the scheme of arrangement. In aggregate, the Revised Proposal represents an implied value of A$32.87 per share to Newcrest shareholders. Following Newcrest’s announcement of 16 February 2023, Newcrest and Newmont signed a non-disclosure and standstill agreement. Newcrest subsequently provided Newmont with access to limited, non-public information on a non-exclusive basis to determine if Newmont could provide an improved proposal that appropriately reflected the value of Newcrest. Newmont has indicated that the Revised Proposal represents its best and final price in the absence of a competing proposal. After assessing the Revised Proposal, Newcrest has agreed to grant Newmont the opportunity to conduct confirmatory due diligence to enable it to put forward a binding proposal. Due diligence is expected to be completed within approximately four weeks. Newcrest will also undertake confirmatory due diligence on Newmont during this period.