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Centamin rejects takeover proposal from Endeavour Mining

Tue, 3rd Dec 2019

Centamin said it had rejected a takeover proposal from Endeavour Mining, deeming it too low. The offer was based on an exchange ratio of 0.0846 Endeavour shares for each Centamin share, implying a 5% premium based on the preceding 30-day VWAP of each company to 22 November 2019, Centamin said. After reviewing the proposal, Centamin said the terms did not adequately reflect the contribution it would make to the merged entity and that it was better positioned to deliver shareholder returns than the combined entity. Under market rules, Endeavour must either announce a firm intention to make an offer for Centamin by not later than 5:00 pm (UK time) on 31 December 2019 At 9:51am: (LON:CEY) Centamin PLC share price was +8.43p at 120.63p Story provided by StockMarketWire.com

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