Barrick Gold has no intention of increasing its hostile offer for Newmont Mining, according to a person familiar with the matter who asked not to be identified because the talks are private.
On Monday, Barrick proposed to buy Newmont in an all-share $17.8-billion hostile deal that valued the rival miner’s stock at 8% below the prior closing price. Newmont responded that its board would consider the offer, while simultaneously criticising Barrick’s operating model and saying that its own pending takeover of Goldcorp Inc. offered “superior benefits".