The Northern Star Resources Ltd (ASX: NST) share price is under the spotlight after the ASX gold share received a takeover bid from Gold Fields.
Northern Star Resources is one of the largest gold miners on the ASX, with operations across Western Australia and Alaska.
Takeover bid received
The ASX gold share noted recent media commentary by Bloomberg. Northern Star Resources confirmed it has received, considered and rejected a confidential, opportunistic, unsolicited and conditional non-binding indicative proposal from Gold Fields Limited.
The proposal was that Gold Fields would acquire 100% of Northern Star Resources shares.
It was proposed that owners of the ASX gold share would receive 0.3125 new Gold Fields shares to be issued to Australian holders with CHESS Depositary Interests (CDIs) expected to be quoted on the ASX, as well as A$7.25 in cash.
How much was the offer?
This offer implies a takeover price of A$27 per Northern Star Resources share based on the closing price of Gold Fields shares on 11 September 2026 – that’s the last trading date before receipt of the indicative proposal. The implied value of all of its shares is A$38.7 billion. This proposal represented an implied 22% premium to Northern Star Resources’ closing share price and a 15% premium to Northern Star’s 30-day volume-weighted average price.
However, based on the Gold Fields’ closing share price on 25 September 2026, the indicative proposal implies a reduced consideration price of A$25.19 per Northern Star share, a 14% premium to Northern Star’s closing price on Friday 25 September 2026 and an implied equity value of A$36.1 billion.
Due to the equity component of the offer, Northern Star shareholders would have held approximately 33% of the combined entity on completion.
Takeover rejected
The Northern Star Resources board of directors, together with its financial and legal advisers, has unanimously rejected the offer.
The board believes the offer materially undervalues Northern Star and does not reflect the fundamental value of Northern Star’s tier-1, long-life asset base in low-risk jurisdictions or the growth profile of the portfolio.
Northern Star Resources’ board also highlighted that ASX shareholders would be exposed to jurisdictional and operational risks to which they’re not exposed today.
The board also noted that the offer is “highly opportunistic”, with the bid coming ahead of the commissioning and ramp-up of the Fimiston Mill and the start of the incoming Managing Director and CEO Suresh Vadnagra.
Finally, the ASX gold share highlighted that the offer is subject to several “onerous conditions and requirements”.
On 25 September 2026, Northern Star Resources told Gold Fields that the board does not consider it appropriate to engage further about this offer.
I’d be surprised if this is the end of the story because the company probably wasn’t looking to just make one offer. I’d hold on if I were a shareholder, but it’s not a new investment that I’d make today.
