Australia’s Gold Road Resources GOR -0.63% agreed to a sweetened US$2.4 billion takeover by South Africa’s Gold Fields GFI -3.01%, after rejecting an earlier bid amid surging gold prices.

Australian miner Gold Road Resources (OTCPK:ELKMF) said early Monday it agreed to be acquired by South Africa's Gold Fields (NYSE:GFI) in a sweetened deal that valued it at A$3.7B (~US$2.39B).

The primary sticking point in talks about a potential acquisition of Australian miner Gold Road Resources GOR -1.85% by South Africa’s Gold Fields GFI -2.52% was the price, according to the ...

Australia's Gold Road Resources said on Monday it had rejected Gold Fields' $2.1 billion buyout bid because it believed the offer materially undervalued the company and was "highly opportunistic".