SAN FRANCISCO, SEPT. 30 -- The U.S. Court of Appeals in San Francisco today issued an injunction temporarily blocking T. Boone Pickens Jr.'s Ivanhoe Partners from continuing its $72-a-share tender offer for Newmont Mining Corp.
The order was in response to an emergency request filed by Newmont on Tuesday. Under the injunction, Pickens is blocked from continuing his offer for Newmont's stock, from acquiring more stock by any other means and from attempting to acquire, influence or control Newmont pending a further court order.
Ivanhoe has a 9.95 percent stake in Newmont, and had offered $72 per share for 28 million additional shares, which would boost its holdings to 51 percent.
The court also said it will hear oral arguments in the case on Oct. 9.
Consolidated Gold Fields PLC, a British mining company that is Newmont's largest shareholder and an ally against Pickens' bid, last week boosted its ownership from 26.2 percent to 49.7 percent.
Newmont's plea for an injunction to restrain Pickens was rejected by a federal judge in Reno, Nev., on Friday. In its request to the federal appeals court, Newmont said shareholders were not being given enough time to consider Pickens' offer.