|Bid||0.00 x 3000|
|Ask||0.00 x 900|
|Day's Range||10.88 - 11.23|
|52 Week Range||8.42 - 14.66|
|Beta (3Y Monthly)||0.54|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.08 (0.74%)|
|1y Target Est||12.44|
“Paulson & Co. commends the special dividend to Newmont shareholders,” a spokesman said Monday by email. The comments marked a U-turn from Friday, when both Foster and billionaire John Paulson expressed serious concerns about the price tag on the merger, which was negotiated before Newmont struck a joint-venture deal with Barrick Gold Corp. to combine their lucrative mines in Nevada.
Newmont Mining Corp won the support of at least two key investors for its $10 billion takeover of Goldcorp Inc on Monday, after offering to sweeten the deal with an 88-cent-per-share special dividend if shareholders approve the transaction. The immediate cash payment would represent a portion of the savings from a separate agreement with Barrick Gold Corp, Newmont said in a regulatory statement. Newmont investors who had earlier protested the terms of the deal, saying Goldcorp shareholders benefited too much from it, commended the dividend payment and withdrew their opposition.
Will Newmont Investors Approve GG Merger after Special Dividend?Newmont’s special dividend payment Today, Newmont Mining (NEM) announced a conditional special dividend to shareholders if its proposed merger with Goldcorp (GG) goes through. This
(NEM) stock (ticker: NEM) was higher on Monday, after the company announced a special dividend. CEO Gary Goldberg tells Barron’s the move is another step toward its combination with (G) (GG), and ensures current shareholders are treated fairly. It has been a busy year for Newmont.
Newmont Mining announced a special dividend of 88 cents for its shareholders on Monday, conditional on approval of its $10 billion takeover of Goldcorp Inc. Newmont, facing protests from investors over what they said was outsized benefits to Goldcorp shareholders from the deal, said the immediate cash payment delivers value to its shareholders. Top Newmont shareholders including Paulson & Co and Van Eck International Investors last week expressed concern about the deal, saying it transferred to Goldcorp shareholders too much of the synergies from a joint venture with Barrick Gold Corp in Nevada.
VANCOUVER , March 25, 2019 /CNW/ - GOLDCORP INC. (TSX: G, NYSE: GG) ("Goldcorp" or the "Company") announced today that it has consented to Newmont Mining Corporation ("Newmont") (NEM) paying a one-time special dividend (the "Dividend") to its shareholders conditional on the approval of the Newmont resolutions by the Newmont stockholders and the Arrangement resolution by the Goldcorp shareholders relating to the Arrangement, which was previously announced on January 14, 2019 . Goldcorp continues to recommend that its shareholders vote in favour of the completion of the Arrangement.
VANCOUVER, March 25, 2019 /PRNewswire/ - GOLDCORP INC. (TSX: G, NYSE: GG) ("Goldcorp" or the "Company") announced today that Newmont Mining Corporation (NEM) ("Newmont") has been granted clearance by the Comisión Federal de Competencia Económica ("COFECE") with respect to its pending acquisition of Goldcorp, as previously announced on January 14, 2019. Goldcorp will be holding a special meeting (the "meeting") of shareholders on April 4, 2019. The purpose of the meeting is to seek approval for the proposed plan of arrangement with Newmont, as previously announced on January 14, 2019.
VANCOUVER, March 25, 2019 /PRNewswire/ - GOLDCORP INC. (TSX: G, NYSE: GG) ("Goldcorp" or the "Company") is pleased to announce that Institutional Shareholder Services Inc. ("ISS"), a leading independent proxy advisory firm, has recommended that shareholders of Goldcorp vote FOR the proposed plan of arrangement with Newmont Mining Corporation (NEM) ("Newmont"). Goldcorp will be holding a special meeting (the "meeting") of shareholders on April 4, 2019. The purpose of the meeting is to seek approval for the proposed plan of arrangement with Newmont, as previously announced on January 14, 2019.
Newmont Mining Corporation (NEM) (Newmont or the Company) today announced that its Board of Directors declared a one-time special dividend of $0.88 per share of common stock, conditional upon approval of the Goldcorp Inc. (GG) (TSX:G.TO) (Goldcorp) transaction. The dividend will be paid to Newmont shareholders of record as of April 17, 2019 (the record date), which is prior to closing of the proposed Newmont Goldcorp combination.
Stock futures for Canada's main stock index were little changed on Monday, as fears mount over a global economic slowdown. Rising U.S. recession fears boosted precious metal prices, as apetite for riskier ...
“We are pleased to make this special dividend payable to Newmont’s current shareholders in recognition of the potential synergy value of the Nevada joint venture agreement,” Gary Goldberg, Newmont’s chief executive, said.
“I think Paulson has a valid point,” said Joe Foster, a portfolio manager at VanEck -- one of the biggest Newmont shareholders. When the deal was inked, investors were unaware of the “outrageous payouts” that would be given to Goldcorp executives after the merger, he said. On top of that, it’s unfair that Goldcorp shareholders should benefit from a joint venture between Newmont and Barrick Gold Corp. in Nevada, given that was negotiated after the Goldcorp-Newmont terms were set, he said.
VanEck is undecided on its vote but opposes the share of synergies from a recently announced joint venture between Newmont and Barrick Gold Corp that Goldcorp shareholders would receive, portfolio manager Joe Foster told Reuters. Newmont made a friendly offer in January for Goldcorp in what would be the gold sector's biggest-ever takeover transaction, a bid to create the world's largest gold producer. Barrick abandoned its own hostile bid for Newmont after Newmont agreed this month to combine its assets in Nevada with Barrick's. Barrick's takeover bid had included the caveat that the Newmont-Goldcorp deal not proceed.
Paulson & Co. says the premium Newmont is set to pay is ‘unjustified given Goldcorp’s poor performance.’
One major concern is that Goldcorp shareholders are effectively receiving the benefits of the recently announced joint venture between Barrick Gold Corp. and Newmont for free, the hedge fund said Thursday in a statement. “Under the current terms, we are unable to support the transaction,” billionaire John Paulson and hedge fund partner Marcelo Kim said in a letter to Newmont Chief Executive Officer Gary Goldberg that was also sent to Newmont’s board of directors.
John Paulson Opposes the Newmont-Goldcorp Merger(Continued from Prior Part)Newmont-Goldcorp merger After the Newmont Mining (NEM) and Goldcorp (GG) merger was announced, investors were disappointed with the proposed premium announcement by Newmont
Paulson & Co Inc will not support Newmont Mining Corp's planned $10 billion takeover of rival Goldcorp Inc as the premium offered is unjustified, the investor said in a letter on Thursday. The transaction is dilutive to Newmont shareholders and only Goldcorp shareholders would benefit from the deal's synergies, Founder John Paulson and Partner Marcelo Kim said in the letter to Newmont Chief Executive Officer Gary Goldberg. Newmont made a friendly offer in January for Goldcorp in what would be the gold sector's biggest-ever takeover transaction, a bid to create the world's largest gold producer.
- Potential Synergies Are Transferred Solely to Goldcorp Shareholders Through Unjustified $1.5 Billion Premium - Goldcorp Receives Second Premium By Sharing Nevada JV Synergies - Deal Is Dilutive To Newmont ...
HENDERSON, NV / ACCESSWIRE / March 20, 2019 / Thanks to high gold prices and industry consolidation, 2019 looks like a big year for gold. Gold prices started to rally in late 2018 as economic and geopolitical ...