(Alliance News) - Gold Fields Ltd said on Friday it had cancelled a scheduled shareholder meeting convened to vote on its offer for Yamana Gold Inc.
This cancellation comes after Gold Fields on Tuesday withdrew its offer for Toronto-based Yamana in response to Yamana's support of a joint bid from Pan American Silver Corp and Agnico Eagle Ltd.
Gold Fields shareholders were scheduled to vote at a special general meeting on November 22.
Gold Fields said in a statement on Friday its board had resolved to withdraw the notice of general meeting and cancel the shareholder meeting.
Yamana paid Gold Fields a termination fee of USD300 million.
On Tuesday, Yamana endorsed a joint offer from Pan American and Agnico Eagle.
Under the new joint bid tabled on Friday, the consortium offered USD1.0 billion in cash, plus about 153.5 million shares in Pan American, which is listed on Nasdaq, and some 36.1 million shares in Agnico Eagle, which is on the New York Stock Exchange.
At the time, this offer amounted to around USD4.8 billion, compared to Gold Fields' USD4.3 billion.
In Johannesburg, Gold Fields shares jumped 8.0% to ZAR202.83 on Friday while Yamana Gold shares were 2.4% lower at 415.00 pence each in London.
By Artwell Dlamini; artwelldlamini@alliancenews.com
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