Endeavour gets extension from Centamin to improve offer
BY Reuters – Ventamin on Monday won approval to give its Canadian suitor Endeavour Mining more time to make a firm offer, as shareholder pressure mounted on the London-listed miner to engage in talks.
The new “put up or shut up” deadline for Endeavour to make an offer or walk away has been set for January 14 by the UK takeover panel on Centamin’s request.
Endeavour had urged Centamin to seek an extension till January 31, saying the original December 31 deadline did not give it sufficient time to study Centamin’s assets.
Centamin earlier this month rejected a 1.47-billion pound all-stock takeover proposal from Endeavour, saying it did not offer enough value to Centamin shareholders.