12/3/2019, 1:16 PM (Source: TeleTrader)
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Centamin rejects Endeavour's takeover bid

London-listed Centamin plc has refused a $1.9 billion (£ 1.5 billion) all-stock takeover proposal from Canadian Endeavour Mining Corp. on Tuesday. The British gold miner, which owns the Sukari project in Egypt, announced the offer was not beneficial to its shareholders, saying "the terms of the proposal […] do not adequately reflect the contribution that Centamin would make to the merged entity."

Endeavour offered 0.0846 of its shares for each Centamin share, a price of approximately 163 cents per share.

According to the merger proposal, the Canadian corporation would own 53% of the new company after the merger.

Centamin's shares in London surged 9.32% at 1:05 pm CET, while Endeavor's shares slipped 0.47% at the same time in premarket trade.

Breaking the News / DD