Gold Road Resources' stock jumped as much as 15.5% to a record high of $1.78 earlier in the day. It was last trading up 13.9%, as of 03h45 CAT.

Gold Road shareholders would have received $1.92 per share under the SA miner's offer.

Gold miners are undergoing a wave of consolidation this year as companies seek to grow their reserves at a time of sky-high bullion prices.

"After a bid is rejected, the takeover company usually comes back with a second more lucrative bid," said Jessica Amir, a Market Analyst at trading platform Moomoo, suggesting that the market has a similar view.

Gold Fields' offer targeted consolidating control over the cost-efficient, long-life Gruyere gold mine in Western Australia, a venture it presently operates in collaboration with Gold Road Resources.

--Reuters--