Gold Fields offers Northern Star shareholders 0.3125 shares plus A$7.25 cash per share
GFI•Gold Fields proposed acquiring all of Northern Star through a scheme of arrangement, offering 0.3125 Gold Fields shares plus A$7.25 cash per Northern Star share, implying A$27.00 per share. Northern Star’s board declined further engagement, citing inappropriate timing.
1. Proposal terms and response
Gold Fields submitted the non-binding proposal on Sept. 13, 2026. It proposed mix-and-match elections, capped at A$10.4 billion in cash and 447 million new Gold Fields shares, and estimated US$4 billion to US$5 billion in post-tax synergies, with at least US$4 billion targeted from asset disposals. Northern Star’s board declined further engagement in a Sept. 24 response, citing timing as inappropriate.
