December 23, 2019 / 5:26 PM / a month ago

Endeavour Mining gets extension from Centamin to improve offer

Dec 23 (Reuters) - Centamin Plc 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 Jan. 14 by the UK takeover panel on Centamin’s request.

Endeavour had urged Centamin to seek an extension till Jan. 31, saying the original Dec. 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. (Reporting by Shariq Khan in Bengaluru; Editing by Shinjini Ganguli)

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