Endeavour Mining has been informed by Centamin that it does not intend to seek an extension to the January 14, 2020, PUSU deadline.
Given the lack of information received, Endeavour Mining confirms that it does not intend to make a firm offer for Centamin and therefore the merger discussions have been terminated.
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Commenting on this, Sebastien de Montessus says:
“We remain convinced about the strategic rationale of combining Endeavour Mining and Centamin to create a diversified gold producer with a high-quality portfolio of assets.
“The quality of information received during the accelerated due diligence process has been insufficient to allow us to be confident that proceeding with a firm offer would have been in the best interests of Endeavour Mining shareholders.
“We continue to be disciplined in relation to business development opportunities and remain sensitive to dilution of our shareholders given the significant improvement in our business over the past four years.
“Following a period of significant investment, our business is now well positioned to generate significant cash flow as demonstrated with our net debt reduction of US$52 million in Q3-2019 and a further circa US$77 million in Q4-2019.”