Wednesday 11th December 2019 Font size:

Canada’s Endeavour Mining discloses $1.9 billion buyout proposal for Centamin

Tuesday, December 3rd, 2019

Canada’s Endeavour Mining Corp went public with its 1.47 billion pound ($1.89 billion) all-stock buyout proposal for Centamin Plc after the British gold miner’s board rebuffed several attempts to engage in deal talks.

Endeavour’s proposal consists of 0.0846 of its shares for each Centamin share, or roughly 126.27 pence per share, a 13% premium to the target’s last close as per Reuters calculations.

Centamin shares were up nearly 7% at 119.2 pence within 10 minutes of opening on the London Stock Exchange.

 Toronto-listed Endeavour expressed frustration at Centamin’s refusal to engage in any merger discussions, adding that the company rejected an initial proposal in 2018 within 24 hours.

“Endeavour is therefore today announcing the terms of its proposal in order to allow Centamin shareholders the opportunity to consider the proposal and encourage the Centamin board to engage with Endeavour on the prospects for a friendly recommended merger,” the company said.

https://www.reuters.com/article/us-centamin-endeavour-mining-m-a/canadas-endeavour-mining-discloses-1-9-billion-buyout-proposal-for-centamin-idUSKBN1Y70TX?rpc=401&
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