February 25, 2019 / 3:19 PM / 9 months ago

BUZZ-Newmont Mining: Flips course to head lower on Barrick's discounted offer

(Updates prices)

** Newmont Mining shares drop 2.4 pct to $35.59, reversing premarket gains and set to snap a 5-day winning streak, after Barrick Gold makes $18 bln all-stock offer

** Barrick’s TSX-listed shares drop 1.5 pct and its U.S. shares drop 1.7 pct, lowering implied deal value to $32.94/NEM shr from implied value of $33.50 based on Fri. close

** NEM shares close at $36.48 on Friday after jumping ~10 pct in a 5-day rally post the miner’s strong results and buyout news

** Goldcorp shares drop 2.3 pct on Monday after Barrick says its offer is contingent on Newmont scrapping its deal to buy Goldcorp

** Analysts’ mean rating on NEM is “buy,” with a median PT of $41, little changed in past three months - Refinitiv data (Reporting by Amy Caren Daniel and Savio D’Souza)

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