The Gold Fields offer is not $3.40, it is a fixed offer of $2.52 per share plus the "variable" value each Gold Road share will receive re the value of NST shares Gold Road holds due to the DEG takeover. That value per share was 0.88 when the scheme was announced, hence the $3.40. NST has dropped and now rallied to $22.53 - so thats about $1.02 for each Gold Road share or around $3.54 by my calcs.
As an aside as NZ investor I will wait and see where the share price goes before the October implementation date as the franking credit on the proposed special dividend is not usable in NZ.
GOR Price at posting:
$3.44 Sentiment: Hold Disclosure: Held
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