Gold Fields Says Gold Road Rejected $2.1 Billion Takeover Offer

Gold Road Resources rejected a takeover valuing the Australian miner at A$3.3 billion ($2.1 billion), according to Gold Fields.

Johannesburg-based Gold Fields said Monday it put forward a non-binding proposal to buy the Perth-based company for A$3.05 a share in cash on March 7, valuing its equity at A$3.3 billion and implying a total enterprise value of A$2.4 billion.

Gold Roads’ board rejected the offer, it said. Gold Roads didn’t immediately reply to a request for comment.

The acquisition would consolidate Gold Fields’ ownership of the joint-venture Gruyere mine it operates in Western Australia, in which Gold Road holds a non-operating interest, the South African company said.

Gold Road put forward an alternative proposal to buy out Gold Fields’ stake at the joint venture operation, which it in turn rejected.