Northern Star Rejects Gold Fields' A$38.7 Billion Takeover Bid, Citing Undervaluation

Northern Star Resources Ltd (NST.AX) rejected an unsolicited, non-binding takeover proposal from Gold Fields (GFI, GFI.JO), stating the offer materially undervalued the company and exposed shareholders to additional risks. The announcement was made on September 28, 2026. The proposed deal valued Northern Star at A$38.7 billion ($26.4 billion). Gold Fields, a South African gold miner, had sought to acquire the Australian gold producer in what would have been a major consolidation in the sector. Northern Star's board concluded the terms were inadequate. No further details on the proposal's structure or timing were disclosed. Gold Fields has not yet issued a public response to the rejection.