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Sunday, 8 December 2019

Endeavour isn’t giving up on Centamin merger plans

M&A WATCH- Endeavour isn’t giving up on Centamin merger plans: Endeavour Mining is “reaching out to Centamin shareholders” in an attempt to bring them around to the all-share merger Endeavour had proposed last week, CEO Sébastian de Montessus told Reuters. Endeavour had offered to exchange 0.0846 of its shares for every Centamin share, valuing the company’s share capital at around USD 1.9 bn, but Centamin shareholders had indicated they are looking for a better offer. de Montessus declined to say whether Endeavour would come back to the negotiating table with a higher valuation. Naguib Sawiris’ La Mancha, the largest shareholder in Endeavour, had “strongly urged” the Centamin board to open merger talks following the company’s initial rejection. Centamin, which is listed on the London Stock Exchange, operates the Sukari gold mine in Egypt.

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