Gold Fields says it won’t amend Yamana offer

South Africa-based Gold Fields said on Monday that it would not amend its offer for Canadian miner Yamana Gold, stating that its board continued to believe its offer was superior to that of Pan American Silver and Agnico Eagle Mines.

The board had taken into account its commitment to capital discipline and considered the fairness of the transaction to both Gold Fields and Yamana shareholders over the long term.

“The board was unanimous in its decision not to offer to change the terms of the transaction as we continue to believe our transaction is strategically and financially superior,” CEO Chris Griffith said in a statement.

On Friday, Pan American and Agnico Eagle announced a joint offer for Yamana, which included cash and shares for an aggregate value of C$5.02 a share. Yamana stated that the new offer constituted a “superior proposal” and said Gold Fields had five business days to match the offer.

Gold Fields stated that it would continue to work towards completing its transaction with Yamana on the current terms. Yamana shareholders will meet to approve the Gold Fields transaction on November 21.

“We believe in the highly complementary fit of Yamana’s operating assets and its extensive pipeline of future growth projects will create significant near-term and long-term value for the shareholders of both Gold Fields and Yamana when added to Gold Fields’ current portfolio of assets.

“Gold Fields’ proven financial, technical and ESG track record make it the right custodian for the combined assets,” said Griffith.