|Bid||26.74 x 0|
|Ask||26.76 x 0|
|Day's Range||25.25 - 26.89|
|52 Week Range||17.24 - 28.98|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Mar. 08, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||26.18|
ENDEAVOUR REPORTS Q4-2019 PRELIMINARY RESULTS AND 2020 GUIDANCE 2019 production up 6% over 2018 · Net Debt reduced by $129m in H2-2019 · Strong growth expected for 2020.
TORONTO — Endeavour Mining Corp. is walking away from its attempt to buy Centamin PLC.The companies had been in merger talks since late last year regarding a possible deal after Toronto-listed Endeavour made a stock-swap proposal to acquire Centamin.The proposal valued Centamin at roughly $2.5 billion at the time.However, Endeavour now says it does not plan to make a firm offer and therefore the merger discussions have been terminated.Endeavour chief executive Sebastien de Montessus says the company was not confident that proceeding with a firm offer would have been in the best interests of Endeavour shareholders.Centamin's principal asset is the Sukari gold mine in Egypt, but the company also has projects in Burkina Faso and Cote d'Ivoire.This report by The Canadian Press was first published Jan. 14, 2020.Companies in this story: (TSX:EDV) The Canadian Press
Endeavour Mining abandoned its 1.5 billion pound pursuit of gold miner Centamin on Tuesday, citing a lack of information on its target while Centamin maintained the proposal was too low. London-listed Centamin, which operates one mine in Egypt, rebuffed Endeavour's all-stock takeover proposal in December, saying it did not offer enough value to Centamin shareholders. Since then, Britain's takeover panel allowed Endeavour, which owns four West African mines, more time to make a firm offer following an extended due diligence process when information would be shared.
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Endeavour on Thursday said it had insufficient time before the current "put up or shut up" deadline of Dec. 31 to study Centamin's assets and urged the company to ask a British takeover panel for an extension to Jan. 31, 2020. Endeavour said it would only proceed if it can complete due diligence, including technical analysis and site visits. VanEck is the third- and second-biggest shareholder of Endeavour and Centamin, respectively, according to Refinitiv.
THIS IS AN ANNOUNCEMENT OF A POSSIBLE OFFER PURSUANT TO RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE “CODE”). From its first, private approach to Centamin on November 11, 2019, Endeavour sought constructive engagement with the Centamin Board in respect of a potential combination, but this was not forthcoming. As a result, the only course of action open to Endeavour was to communicate directly with Centamin’s shareholders.
Under English takeover law, Canada's Endeavour has until the end of December to make a firm offer for Centamin's assets. Centamin, which called the Canadian miner's approach an "unsolicited offer", said both firms had agreed on "a reciprocal exchange of due diligence information" but Endeavour now said it would not provide information unless the deadline was extended. The London-listed miner said in a statement on the merger plans that it was "disappointed that despite its efforts at constructive engagement, Endeavour has repeatedly refused to engage in a proper manner".
Gold miners Endeavour and Centamin have agreed to assess the feasibility of a merger, following a weekend meeting between top managers of the two companies, Endeavour said on Monday, driving Centamin's share price higher. Canada's Endeavour, whose business is focused on West Africa, is seeking to gain control of Centamin assets including the Sukari mine and Cleopatra project in Egypt, as well as exploration projects in West Africa. Centamin at the start of this month rejected a 1.47 billion pound ($1.89 billion) all-stock takeover proposal from Endeavour, saying it did not offer enough value to Centamin shareholders.
THIS IS AN ANNOUNCEMENT OF A POSSIBLE OFFER PURSUANT TO RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE “CODE”). The objective of the due diligence exercise would be to allow both companies to further understand each other’s assets and would be a critical precursor to allowing the parties to determine whether the financial terms of a transaction could be agreed that was in the best interests of both companies’ shareholders.
The push is aimed at ratcheting up pressure on UK-based Centamin before a month-end deadline by which Endeavour must decide whether to pursue the deal or scrap it entirely. "Our friendly approach, confidential to the board, was refused despite the merit we see in this transaction," Endeavour Chief Executive Officer Sébastien de Montessus told Reuters on Thursday. Centamin said earlier this week the takeover proposal did not offer any benefits for its shareholders.
Egypt said on Wednesday it welcomed Endeavour Mining's bid to takeover Centamin Plc , saying it would encourage foreign investment in the country's mining industry. Centamin rebuffed the 1.47 billion pound ($1.9 billion) all-stock takeover proposal on Tuesday, saying it did not offer enough value to Centamin shareholders. Centamin's assets include Egypt's Sukari mine and Cleopatra project, as well as exploration projects in West Africa.
Endeavour announced its offer, a 13% premium to Centamin's last closing price, earlier in the day, seeking to gain control of Centamin assets that include the Sukari mine and Cleopatra project in Egypt and exploration projects in West Africa. The Toronto-listed firm, which owns four West African mines, said Centamin had rebuffed several attempts to engage in talks. "The terms of the proposal provide comparatively greater benefit to Endeavour's shareholders, do not adequately reflect the contribution that Centamin would make to the merged entity," Centamin said.
Endeavour believes that this potential combination would strongly benefit both sets of shareholders due to the compelling long-term value creation opportunity. After several unsuccessful attempts to engage with the Board of Directors of Centamin, initially in October 2018 and then again on November 11, 2019 regarding the prospects for a Merger (please see “Background to the Proposal” below), Endeavour then submitted a formal proposal to Centamin (the “Proposal”) on November 25, 2019, regarding such combination.
ENDEAVOUR ANNOUNCES A 1MOZ INCREASE IN INDICATED RESOURCES AT HOUNDÉKari West & Center discoveries lift Houndé’s Indicated resource by 32% at a $15/oz discovery cost.