Centamin and Endeavour talks in deadlock

Centamin and Endeavour talks in deadlock

Talks between gold mining companies Centamin and Endeavour Mining appeared to have reached a stalemate this week. In an announcement on 18 December, Centamin confirmed that despite an agreement between the companies to conduct reciprocal due diligence made the week before, Endeavour later refused to provide any information before Centamin agreed to an extension of the PUSU deadline which is currently set for 31st December ‘in order to allow sufficient time for both parties to conduct proper due diligence and subsequently discuss terms.’

Centamin responded that it was unable to assess the proposed merger without the information it requested from Endeavour which it saw as ‘core to the assessment of value, such as its financial model.’ The company stated that it plans to determine whether to seek an extension of the PUSU deadline once it can review any information provided by Endeavour and urged shareholders to not take any action in respect of the offer.

Market Tracker will continue to monitor this transaction as it develops.

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