Gold Road Resources (ASX:GOR) rejected New York Stock Exchange-listed Gold Fields' proposal to acquire the company for AU$2.27 per share, according to a Monday filing with the Australian bourse.
Gold Fields manages the company's Gruyere joint venture in Western Australia.
The board found that the terms of the proposal undervalued the company and were not in the best interest of shareholders, the filing said.
Gold Fields is also restricted from acquiring more than 10% of Gold Road's shares under joint venture terms, the filing added.
The company proposed to buy Gold Fields' interest in the joint venture, which Gold Fields declined, the filing said.
Gold Road advised shareholders to take no action in response to the offer.
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