Gold Fields said Monday that it won’t raise its offer for Yamana after the two Canadian rivals teamed up for an unsolicited $4.8 billion bid to break up an earlier merger agreement with the South African miner. Yamana previously said the cash-and-stock proposal announced Friday by Agnico Eagle and Pan American was “superior” to the Gold Fields agreement reached back in May. The latest deal is valued at $5.02 a share, based on Thursday’s closing prices.

Read: Yamana Takeover Battle Brews as Rivals Make $4.8 Billion Bid

Gold Fields said its investment committee will be convened and the company will provide a further update to shareholders on its transaction following that meeting, according to a Tuesday statement.

US-listed shares of Yamana was little changed at $4.87 as of 9:35 a.m. in New York, while Agnico Eagle and Pan American both fell 0.8%. Gold Fields shares lost earlier gains in Johannesburg, falling 0.6%.

The battle to acquire Toronto-based Yamana in the biggest gold deal of the year underscores the pressure to boost output as costs spiral and new deposits becomes more difficult to find. Should their agreement be terminated, Yamana would have to pay a $300 million break fee to Gold Fields.

Under the rival proposal, Pan American would acquire Yamana, while Agnico Eagle would buy Yamana’s Canadian assets.