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Newmont Mining  (NEM) - Get Newmont Corporation Report  on Monday rejected an unsolicited takeover bid from Barrick Gold  (GOLD) - Get Barrick Gold Corporation (BC) Report , declaring the offer was not in the best interests of its shareholders, and said it would proceed with a deal to acquire its smaller rival Goldcorp.Inc. (GG)

The Greenwood Village, Colorado-based company said in a statement that the Goldcorp transaction generates twice the accretion to Newmont's net asset value per share compared with Barrick's proposal. In addition, Newmont said that Barrick's portfolio includes "numerous unfavorable and high-risk jurisdictions with several ongoing and significant operational and sustainability problems," while its Newmont Goldcorp's assets "will be located in favorable mining jurisdictions and prolific gold districts on four continents."

Newmont had announced the Goldcorp deal in January, whereby Newmont would acquire all of Goldcorp's outstanding common shares in a stock-for-stock transaction valued at $10 billion.

"Unlike Barrick, Newmont-Goldcorp will be centered in the world's most favorable mining jurisdictions and gold districts," Gary Goldberg, Newmont's CEO, said in a statement. "The combination with Goldcorp is significantly more accretive to Newmont's shareholders on all relevant metrics compared to Barrick's proposal, even when factoring in Barrick's own synergy estimates."

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Goldberg added that "realizing value through Barrick's proposal for Newmont's shareholders hinges entirely on a new management team that lacks global operating experience and is only two months into its own transformational integration."

Barrick had said its offer would be based on an exchange ratio of 2.5694 Barrick shares for each Newmont share and would "unlock more than $7 billion net present value (pre-tax) of real synergies." Under terms of the deal, Barrick would own 55.9% of the combined company against 44.1% for Newmont investors. The deal was conditioned on Newmont dropping the takeover of Goldcorp.

Shares of Newmont were off slightly to $33.67, while Barrick was down less than 1% to $12.21. Shares of Goldcorp were up 1.23% to $10.68.

Barrick Gold didn't immediately respond to a request for comment.