{"id":1153021,"date":"2019-12-03T05:15:38","date_gmt":"2019-12-03T11:15:38","guid":{"rendered":"https:\/\/www.mining.com\/?p=1008237"},"modified":"2019-12-03T05:15:38","modified_gmt":"2019-12-03T11:15:38","slug":"centamin-rebuffs-1-9-billion-takeover-bid-from-endeavour-mining","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1153021","title":{"rendered":"Centamin rebuffs $1.9 billion takeover bid from Endeavour Mining"},"content":{"rendered":"<p>Egypt-focused gold miner Centamin (LON:CEY) (TSX:CEE)&nbsp;has r<a href=\"https:\/\/otp.tools.investis.com\/clients\/uk\/centamin_plc\/rns\/regulatory-story.aspx?cid=1756&amp;newsid=1349144\"  rel=\"noreferrer noopener\" aria-label=\"ejected a $1.9 billion (\u00a31.5 billion) all-stock takeover bid (opens in a new tab)\">ejected a $1.9 billion (\u00a31.5 billion) all-stock takeover bid<\/a> from Canada\u2019s Endeavour Mining (TSX:EDV) <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.endeavourmining.com\/news-releases\/press-release-details\/2019\/ENDEAVOUR-SEEKS-ENGAGEMENT-WITH-CENTAMIN-TO-CREATE-LONG-TERM-VALUE-THROUGH-PROPOSED-MERGER\/default.aspx\" >revealed earlier on Tuesday<\/a>, saying it did not offer enough value to company\u2019s shareholders.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>Centamin also said that the terms of the did not adequately<br \/>\nreflect the contribution that it would make to the merged entity, adding that<br \/>\nthe company was better positioned to deliver shareholder returns than the<br \/>\ncombined entity.&nbsp;<\/p>\n<p>Endeavour was planning to offer 0.0846 of its own shares for<br \/>\neach Centamin share, equivalent to about 126.27 pence per share. That represents<br \/>\na 13% premium to the British company\u2019s last closing price.<\/p>\n<p>The Toronto-listed miner, which is ultimately seeking to gain control of Centamin\u2019s Sukari mine in Egypt, also said the target Centamin had rejected several previous attempts to engage in talks.<\/p>\n<p>\u201cDespite repeated good faith attempts to engage with<br \/>\nCentamin, our efforts have been frustrated by their refusal to entertain any<br \/>\ndiscussions about a merger before entering into a standstill agreement,\u201d<br \/>\nEndeavour said.&nbsp;\u201cA standstill would have the effect of precluding us from<br \/>\ntaking the Proposal to shareholders if the Proposal was not seriously<br \/>\nconsidered by Centamin,\u201d it noted.<\/p>\n<p><em>More to come&#8230;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt-focused Centamin said the proposal did not offer enough value its shareholders.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2849,949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1153021"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1153021"}],"version-history":[{"count":5,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1153021\/revisions"}],"predecessor-version":[{"id":1153187,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1153021\/revisions\/1153187"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1153021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1153021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1153021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}