Egypt-focused gold miner Centamin (LON:CEY) (TSX:CEE) has rejected a $1.9 billion (1.5 billion pounds) all-stock unsolicited takeover bid from Canada’s Endeavour Mining (TSX:EDV) revealed earlier on Tuesday, saying it did not offer enough value to company’s shareholders.
Centamin also said that the terms of the did not adequately
reflect the contribution that it would make to the merged entity, adding that
the company was better positioned to deliver shareholder returns than the
Endeavour was planning to offer 0.0846 of its own shares for
each Centamin share, equivalent to about 126.27 pence per share. That represents
a 13% premium to the British company’s last closing price.
The Toronto-listed miner, which is ultimately seeking to gain control of Centamin’s Sukari mine in Egypt, also said the target Centamin had rejected several previous attempts to engage in talks.
More to come…
Written by Cecilia Jamasmie.
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