{"id":1156245,"date":"2019-12-18T05:55:59","date_gmt":"2019-12-18T11:55:59","guid":{"rendered":"https:\/\/www.mining.com\/?p=1009517"},"modified":"2019-12-18T05:55:59","modified_gmt":"2019-12-18T11:55:59","slug":"takeover-talks-between-gold-miners-endeavour-and-centamin-hit-a-snag","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1156245","title":{"rendered":"Takeover talks between gold miners Endeavour and Centamin hit a snag"},"content":{"rendered":"<p>Egypt-focused gold miner Centamin<br \/>\n(LON:CEY) (TSX:CEE)&nbsp;has accused Canada\u2019s Endeavour Mining (TSX:EDV) of <a href=\"https:\/\/otp.tools.investis.com\/clients\/uk\/centamin_plc\/rns\/regulatory-story.aspx?cid=1756&amp;newsid=1353631\">making<br \/>\nit difficult for the company to assess the value<\/a> of a potential business<br \/>\ncombination unless it agrees to extending a firm offer deadline.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\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>The London-listed gold miner said that since Endeavour was not engaging in a \u201cproper manner\u201d it would not ask UK regulators for an extension to a Dec. 31 bid deadline.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>A merger would create a mid-tier gold miner with a market value of almost $4bn and annual production of more than 1.2 million ounces.<\/p>\n<\/blockquote>\n<\/figure>\n<p>Earlier in the week, the gold<br \/>\nminers seemed to be moving forward on a possible merger as <a href=\"https:\/\/www.mining.com\/endeavour-centamin-to-explore-potential-merger\/\">they<br \/>\nagreed to explore the feasibility<\/a> of such kind of deal. <\/p>\n<p>Centamin, which called the Toronto-listed<br \/>\nminer&#8217;s approach an &#8220;unsolicited offer&#8221;, had <a href=\"https:\/\/www.mining.com\/centamin-rebuffs-1-9-billion-takeover-bid-from-endeavour-mining\/\"  rel=\"noreferrer noopener\">rejected <\/a>the potential suitor\u2019s original $1.9 billion (\u00a31.5<br \/>\nbillion) all-stock takeover bid, saying it did not offer enough value to its<br \/>\nshareholders.<\/p>\n<p>It also noted at the time that<br \/>\nbusiness combination would expose the company to the deteriorating security<br \/>\nsituation in Burkina Faso, as almost half of Endeavour\u2019s gold resources are<br \/>\nlocated in the west African country.<\/p>\n<p>A deal would hand the Canadian<br \/>\ncompany Centamin\u2019s Sukari gold mine in Egypt \u2014 a 500,000-ounce-a-year operation<br \/>\nand one of the world\u2019s top ten deposits of the yellow metal.&nbsp;<\/p>\n<p>Sukari, which began operations in<br \/>\nJanuary 2010 and is Egypt\u2019s largest gold&nbsp;mine,&nbsp;comprises a large open<br \/>\npit and an underground portion.&nbsp;Last year, the company worked on<br \/>\noperational improvements&nbsp;on both sections, but <a href=\"https:\/\/www.mining.com\/centamin-reshuffles-board-amid-production-hitches-sukari-gold-mine\/\">they<br \/>\ntook longer than planned<\/a> to materialize, which <a href=\"https:\/\/www.mining.com\/centamin-gold-output-falls-13-in-2018-on-decline-at-flagship-mine\/\">affected<br \/>\noutput<\/a>.<\/p>\n<p>A successful merger would create a mid-tier<br \/>\ngold company with a market value of almost $4 billion and annual output of more<br \/>\nthan 1.2 million ounces.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Egypt-focused gold miner has accused Endeavour of not providing key information to assess the value of a potential business combination.<\/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 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