Tribune Resources Ltd. and Rand Mining Ltd. are expected to reject Northern Star Resources Ltd.'s A$150 million offer for their collective 49% interest in the East Kundana gold joint venture in Western Australia, The Australian reported Dec. 27.

The companies see the offer as "grossly inadequate," the report added. The transaction was expected to complete on Jan. 31, 2019.

Tribune and Rand Mining may consider making a counter offer for Northern Star's 51% stake in East Kundana.

In November, Northern Star made binding offers to acquire the remaining 49% stake in the asset, after the Australian Takeovers Panel ordered an overhaul of the companies' ownership arrangements and disclosures.

The company offered to acquire the 36.75% interest held by Tribune for A$112.5 million and the 12.25% interest of Rand Mining for A$37.5 million.