Aussie gold miner Newcrest Mining Ltd
(ASX:NCM) has written a letter to takeover target Lihir Gold Ltd
(ASX:LGL) asking for data room access.
Newcrest has asked the company to allow it access to obtain new data and information to assist the company in its ongoing review.
Newcrest says it assumes that other parties require a formal proposal in order to be given access to due diligence and request confirmation that no other parties have been or will be given due diligence access on terms more advantageous than those afforded to Newcrest.
The company says it made its proposal unambiguously financially compelling by increasing its offer value by over $1 billion on March 29.
Newcrest says this revised offer represents a premium of 35% to Lihir’s pre-February 15 share price, a substantially higher premium than in most all-scrip combinations in the gold sector in recent years, including, it says, Lihir’s own acquisitions of Equigold and Ballarat.
The gold miner though, has consistently said that the Lihir opportunity is compelling but not vital to Newcrest.
The company says it looks forward to early confirmation from Lihir concerning further due diligence and says it remains willing and ready to discuss its proposal further with the company.
Newcrest Mining reported profit of $248.1 million for fiscal 09, while Lihir Gold posted a $260.9 million loss for the 2009 calendar year.
