An offer by Ivanhoe Acquisition Corp. to purchase 28 million common shares of Newmont Mining has been withdrawn and shares will be returned to the tendering shareholders. Ivanhoe is comprised of affiliates of Galactic Resources, Mesa Limited Partnership, Harbert Corp. and nrm Energy Co.
The offer is terminated because of a Delaware Supreme Court decision which affirmed a lower court decision approving the purchase of Newmont shares by Cons. Gold Fields. The open market purchase by Gold Fields increased its ownership from 26.2% to 49.7% of Newmont.
Ivanhoe partners, which owns 6,650,000 shares representing 9.95% of Newmont’s outstanding shares, is reviewing alternatives with respect to its Newmont investment.
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