Newcrest Mining announced today it is ready to make some changes regarding its takeover bid for Lihir Gold, presenting the shareholders a mix of either shares or cash.

"We are prepared to improve our offer structure to enable shareholders wanting more scrip and less cash (or vice versa) to have that option through a 'mix and match' structure, subject to caps," Newcrest said in a letter to Lihir chairman Ross Garnaut.

Newcrest offered a takeover bid twice in row - $8 billion in February and a cash and scrip bid for Lihir with a $9.2 billion last March. Both offers were rejected by Lihir, stating that the price was too low.

Under the new bid last March, Lihir offered shareholders one Newcrest share for every nine Lihir shares, including 22.5 cents cash per share.

Newcrest said that the terms of the revised proposal are full and fair, according to the consultations made by the board.

Newcrest will expect an access to a new data room by Lihir to help any potential takeover suitors.

Newcrest also added that Lihir already released additional information to the market pertaining to the proposal, which include reserves and resource upgrades, increased long term production guidance and growth plans.

"These are already reflected in our current proposal," Newcrest said.

If the takeover deal is successful, the tandem between companies would be dubbed as the world's fourth largest gold company.

Both Newcrest and Lihir made a market capital today at $16.44 billion and $9.3 billion respectively.

Newcrest operates gold and copper mines in Australia, Indonesia, Papua New Guinea and Fiji.

Lihir manages mines in Australia, Papua New Guinea and the Ivory Coast in West Africa.