Northern Star Resources shares surged more than 9% Monday on the Australian Stock Exchange after the board unanimously rejected a $27 billion takeover proposal from South African gold miner Gold Fields. The offer, initially valued at A$38.7 billion ($27.15 billion), represented a 22% premium to the closing price on September 11. Northern Star Chairman Michael Chaney said the proposal, largely denominated in Gold Fields shares, materially undervalued the company and came at a highly opportunistic time. Northern Star informed Gold Fields on Friday that its board did not consider it appropriate to engage further on the proposal.
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