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BRIEFLY

February 11, 1988

An investor group led by T. Boone Pickens Jr. sued Newmont Mining Corp. and Newmont's largest shareholder, Consolidated Gold Fields, in state court, claiming that the companies lied about Newmont's intentions to restructure. The investor group, Ivanhoe Partners, said Newmont has not instituted cumulative voting and it has not substantially restructured to concentrate on its gold operations despite the mining company's claims to shareholders and Delaware courts that it would undertake those actions. The suit stemmed from a tender offer Ivanhoe made in September for 28 million Newmont shares at $105 a share as a step in acquiring a controlling stake in Newmont. At the time, Ivanhoe held 6.7 million of Newmont's 66 million outstanding shares. Britain-based Consolidated Gold Fields, which owned a 26.2% stake in Newmont, raised its holdings in Newmont to 49% to block Ivanhoe's unsolicited offer. The suit asks for unspecified actual and punitive damages.

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