{"id":591367,"date":"2019-12-04T04:27:55","date_gmt":"2019-12-04T04:27:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/04\/centamin-rejects-usd-1-9-bn-endeavour-merger-proposal\/"},"modified":"2019-12-04T04:27:55","modified_gmt":"2019-12-04T04:27:55","slug":"centamin-rejects-usd-1-9-bn-endeavour-merger-proposal","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/04\/centamin-rejects-usd-1-9-bn-endeavour-merger-proposal\/","title":{"rendered":"Centamin rejects USD 1.9 bn Endeavour merger proposal"},"content":{"rendered":"

<\/a> M&A WATCH- Centamin<\/strong> rejects USD 1.9 bn Sawiris-backed Endeavour merger proposal:<\/strong> The board of gold mining company Centamin<\/a> has unanimously rejected<\/a> a proposal by Endeavour Mining<\/a> for a USD 1.9 bn all-share merger, the Wall Street Journal reports<\/a>. The London-listed operator of Egypt\u2019s Sukari gold mine said the offer would disproportionately benefit Endeavour\u2019s shareholders and that it was better able to maximize shareholder returns by operating alone.<\/p>\n

Centamin\u2019s shares reacted positively to the news<\/strong>, leaping nearly 15%.<\/p>\n

The must-read on the transaction: <\/strong>Endeavour\u2019s pitch to investors (pdf)<\/a><\/strong> on why the transaction makes sense. Endeavour says the merger would create a top-15 global gold producer with a favorable cost structure, strong balance sheet and significantly enhanced capital market profile that would make it attractive to larger funds that look at the industry.<\/p>\n

What did Endeavour propose? <\/strong>Endeavour offered to exchange 0.0846 of its shares for every Centamin share, valuing Centamin\u2019s share capital at around USD 1.9 bn based on the company\u2019s market price on 2 December. Endeavour\u2019s shareholders would hold a 52.9% stake in the company, and Centamin\u2019s would own the remainder. Endeavour might consider a more appealing offer if Centamin agrees to \u201cfriendly discussions\u201d on the pros and cons of a potential merger, CEO S\u00e9bastian de Montessus told the Financial Times<\/a>. Reuters<\/a> also has the story.<\/p>\n

Endeavour\u2019s statement on the proposal is <\/strong>here<\/a><\/strong>. You can read Centamin\u2019s board statement <\/strong>here<\/a><\/strong>.<\/strong><\/p>\n

Sawiris\u2019 La Mancha urges Centamin to reconsider:<\/strong> Naguib Sawiris\u2019 La Mancha, the largest shareholder in Endeavour with a 29.88% stake, \u201cstrongly urged\u201d the Centamin board to open merger talks in a statement (pdf)<\/a>. \u201cWe believe in the strategic rationale for this proposal and are fully supportive,\u201d Sawiris said. \u201cMoreover, we can add significant value in Egypt, which is opening-up its mining sector through a new, more supportive mining code<\/a>, and increase the potential for further expansion in the country.\u201d<\/p>\n

The Egyptian government \u201cwelcomed\u201d the prospect of the merger and would have been <\/strong>happy to see it materialize<\/strong>, Oil Minister Tarek El Molla told Reuters Arabic<\/a>. Endeavour\u2019s proposal sends a positive message that international companies are eyeing Egypt\u2019s mining sector, El Molla said.<\/p>\n

You can learn more about <\/strong>Centamin here (pdf)<\/a><\/strong> in the investor deck it prepared for EFG Hermes\u2019 annual London conference this past fall.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- Centamin rejects USD 1.9 bn Sawiris-backed Endeavour merger proposal: The board of gold mining company Centamin has unanimously rejected a proposal by Endeavour Mining for a USD 1.9 bn all-share merger, the Wall Street Journal reports. The London-listed operator of Egypt\u2019s Sukari gold mine said the offer would disproportionately benefit Endeavour\u2019s shareholders and […]<\/p>\n","protected":false},"author":1,"featured_media":591368,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[2569,72,7093,3688,373,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-591367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-centamin","tag-enterpriseam","tag-gold","tag-mineral-resources-act","tag-mining","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"0ee1fac9-7733-403a-a894-5567ff91e009","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/685.jpg","photo_position":"above","related_issue":[591362],"teaser":"","voice_url":""},"yoast_head":"\nCentamin rejects USD 1.9 bn Endeavour merger proposal - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/04\/centamin-rejects-usd-1-9-bn-endeavour-merger-proposal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Centamin rejects USD 1.9 bn Endeavour merger proposal\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- Centamin rejects USD 1.9 bn Sawiris-backed Endeavour merger proposal: The board of gold mining company Centamin has unanimously rejected a proposal by Endeavour Mining for a USD 1.9 bn all-share merger, the Wall Street Journal reports. The London-listed operator of Egypt\u2019s Sukari gold mine said the offer would disproportionately benefit Endeavour\u2019s shareholders and […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/04\/centamin-rejects-usd-1-9-bn-endeavour-merger-proposal\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-04T04:27:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/685.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/04\/centamin-rejects-usd-1-9-bn-endeavour-merger-proposal\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/04\/centamin-rejects-usd-1-9-bn-endeavour-merger-proposal\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Centamin rejects USD 1.9 bn Endeavour merger proposal\",\"datePublished\":\"2019-12-04T04:27:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/04\/centamin-rejects-usd-1-9-bn-endeavour-merger-proposal\/\"},\"wordCount\":388,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/04\/centamin-rejects-usd-1-9-bn-endeavour-merger-proposal\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/685.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Centamin\",\"EnterpriseAM\",\"gold\",\"Mineral Resources Act\",\"mining\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/04\/centamin-rejects-usd-1-9-bn-endeavour-merger-proposal\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/04\/centamin-rejects-usd-1-9-bn-endeavour-merger-proposal\/\",\"name\":\"Centamin rejects USD 1.9 bn Endeavour merger proposal - 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Endeavour had offered to exchange 0.0846 of its shares for\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591783,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/17\/centamin-accepts-endeavours-due-diligence-offer\/","url_meta":{"origin":591367,"position":1},"title":"Centamin accepts Endeavour\u2019s due diligence offer","author":"enterpriseam admin","date":"17 December 2019","format":false,"excerpt":"M&A WATCH- That Endeavour-Centamin merger may not be off the table after all: Endeavour Mining and gold miner Centamin, the London-listed operator of Egypt\u2019s Sukari gold mine, have agreed to conduct reciprocal due diligence, less than two weeks after Centamin rejected the Canadian company\u2019s merger proposal. Endeavour said in a\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/685.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592017,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/24\/endeavour-gets-its-wish-for-deadline-extension-on-centamin-merger-offer\/","url_meta":{"origin":591367,"position":2},"title":"Endeavour gets its wish for deadline extension on Centamin merger offer","author":"enterpriseam admin","date":"24 December 2019","format":false,"excerpt":"M&A WATCH- It\u2019s a Christmas miracle: Endeavour gets deadline extension to make a merger offer to Centamin: A UK regulator gave Egypt-focused miner Centamin approval to give Canada\u2019s Endeavour Mining more time to make a takeover offer \u201cas shareholder pressure mounted on the London-listed gold miner to engage in talks,\u201d\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591883,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/19\/centamin-says-endeavour-refusing-to-cooperate-on-value-study\/","url_meta":{"origin":591367,"position":3},"title":"Centamin says Endeavour refusing to cooperate on value study","author":"enterpriseam admin","date":"19 December 2019","format":false,"excerpt":"M&A WATCH- Centamin claims Endeavour refusing to cooperate on value study: Endeavour Mining is refusing to go ahead with its reciprocal due diligence proposal to Centamin unless the latter asks the London Stock Exchange to extend the deadline for making a merger offer, Centamin said in a filing to the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/574.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591935,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/pressure-from-top-endeavour-centamin-shareholder-to-make-merger-work\/","url_meta":{"origin":591367,"position":4},"title":"Pressure from top Endeavour, Centamin shareholder to make merger work","author":"enterpriseam admin","date":"22 December 2019","format":false,"excerpt":"M&A WATCH- Pressure from top Endeavour, Centamin shareholder to make merger work: A major shareholder in both Endeavour and Centamin is urging the latter to make concessions that would facilitate a takeover by Endeavour. VanEck International Investors portfolio manager Joe Foster told Reuters on Friday that Centamin should accept a\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/574.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591516,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/09\/endeavours-centamin-merger-bid-faces-new-setback-as-french-officials-launch-corruption-investigation-into-ceo\/","url_meta":{"origin":591367,"position":5},"title":"Endeavour\u2019s Centamin merger bid faces new setback as French officials launch corruption investigation into CEO","author":"enterpriseam admin","date":"9 December 2019","format":false,"excerpt":"M&A WATCH- Endeavour\u2019s bid to merge with Centamin faces hurdle as report suggests CEO De Montessus is target of corruption probe: Endeavour Mining\u2019s USD 1.9 bn bid to acquire gold miner Centamin has run headlong into a report that the company has been the target of a corruption probe by\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/12\/450.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/591367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=591367"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/591367\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/591362"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/591368"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=591367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=591367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=591367"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=591367"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=591367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}