Newmont Enters Into Confirmatory Due Diligence On Newcrest

(RTTNews) - Newmont Corp. (NEM, NGT.TO) said it submitted a revised non-binding indicative proposal to the Board of Directors of Newcrest Mining Limited to acquire 100 percent of the issued share capital of Newcrest by way of an Australian Scheme of Arrangement, by which Newcrest shareholders would receive 0.400x Newmont shares per each Newcrest share held.

In addition, Newcrest would have the right to fund and pay to its shareholders a special dividend of up to US$1.10 per Newcrest share. Newmont said its improved offer on these terms is best and final, subject only to no superior proposal emerging.

Newcrest has agreed to grant Newmont confirmatory due diligence access to enable Newmont to put forward a binding proposal. Due diligence is expected to be completed within approximately four weeks.

Newcrest has indicated that it plans to grant exclusivity to Newmont during the due diligence period, with the terms of that exclusivity still to be agreed. Newcrest will also undertake confirmatory due diligence on Newmont during the period.

As per the terms of the Best and Final Proposal, Newcrest shareholders would own about 31 percent of the combined company.