WILMINGTON, Del. — T. Boone Pickens Jr. withdrew his hotly contested takeover bid for Newmont Mining on Wednesday after the Delaware Supreme Court upheld a ruling blocking the buyout.
Ivanhoe Partners, a Pickens-led investment group, said in a statment that it "is withdrawing its cash tender offer for 28 million common shares of Newmont Corp."
The Amarillo, Tex.-based Ivanhoe will return any tendered Newmont shares to shareholders, the statement said.
In Delaware Chancery Court, Ivanhoe challenged the legality of maneuvers by Newmont's largest stockholder, Consolidated Gold Fields, in which the British company raised its stake in the company to 49.9% from 26.2%.
Consolidated, which supported Newmont management in the battle, scooped up 15.8 million Newmont shares in a two-day "street sweep" in September, raising its stake to nearly 50% of the outstanding shares.