Gold miner Lihir Gold Ltd
(ASX:LGL) has rejected a takeover offer from Newcrest Mining and appointed a new CEO.
The miner has appointed former BHP senior executive Graeme Hunt as managing director and chief executive officer.
Mr Hunt spent 34 years with BHP where he fulfilled many roles including president of the global iron ore division, president of the global aluminium division and his final role; president of uranium.
And in other news Lihir has rejected the advances of Newcrest Mining who on Monday offered to acquire all the issued shares in the company.
Newcrest is offering one of its shares for every nine Lihir shares plus $0.225 cash per share, less any interim dividend declared for the half year to June 2010, valuing the company at around $9.2 billion.
However Lihir chairman Ross Garnaut says the offer undervalues the company, both in terms of its existing business, and in terms of the potential value the company expected to deliver to shareholders in the future.
Lihir fell deeply into the red in 2009 posting a loss of $260.9 million.
