{"id":591783,"date":"2019-12-17T04:44:43","date_gmt":"2019-12-17T04:44:43","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/17\/centamin-accepts-endeavours-due-diligence-offer\/"},"modified":"2019-12-17T04:44:43","modified_gmt":"2019-12-17T04:44:43","slug":"centamin-accepts-endeavours-due-diligence-offer","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/17\/centamin-accepts-endeavours-due-diligence-offer\/","title":{"rendered":"Centamin accepts Endeavour\u2019s due diligence offer"},"content":{"rendered":"

<\/a> M&A WATCH- That Endeavour-Centamin merger may not be off the table after all: <\/strong>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 statement (pdf)<\/a> following a meeting between Endeavour CEO S\u00e9bastien de Montessus and Centamin Chairman Josef El-Raghy on Saturday that the agreement would be a \u201ccritical precursor\u201d to deciding whether a merger could go ahead, and would allow the companies to \u201cfurther understand each other\u2019s assets.\u201d<\/p>\n

This is Endeavour\u2019s second attempt at luring the Centamin board:<\/strong> Centamin\u2019s board earlier this month rejected<\/a> an all-share merger bid from Endeavour to exchange 0.0846 of its shares for every Centamin share, valuing the latter\u2019s share capital at around USD 1.9 bn. Centamin would have received a 47.1% stake in the new company while Endeavour would have been the majority shareholder. Centamin said that the proposal would disproportionately benefit Endeavour and that it did not reflect the value of the company, whose six-month average value on the LSE is 1.8x that of Endeavour\u2019s on the Toronto Stock Exchange.<\/p>\n

Endeavour\u2019s offer isn\u2019t the only thing standing in the way of a merger:<\/strong> Sources told Al Mal<\/a> yesterday that the different financial positions of the two companies may present another obstacle to any proposed merger. Centamin currently has a net cash flow of around USD 300 mn, but Endeavour is highly leveraged in comparison, holding debts and financial obligations of almost USD 730 mn.<\/p>\n

Endeavour will need to \u201cdig deep\u201d to find a way to make its offer appealing to Centamin<\/strong>, the initial version of which \u201chardly glistens,\u201d the Financial Times\u2019 influential Lex column writes<\/a>. The company can\u2019t offer more shares, which would cost its shareholders majority ownership of the merged entity, and its lack of liquidity means using cash to sweeten the proposal is also out of the question. Endeavour essentially needs to show more for itself than bn\u2019aire Naguib Sawiris\u2019 network of connections in Egypt \u201cand a couple of smaller gold assets in west Africa.\u201d <\/p>\n

Endeavour has given Centamin its proposed due diligence timetable<\/strong>, and emphasized the need to agree on \u201cthe scope and timetable\u201d for the exercise. Centamin is yet to publicly respond to the statement.<\/p>\n

There has been a mixed response from analysts<\/strong>, with some seeing Endeavour\u2019s new agreement as a promising sign and others remaining skeptical about whether the companies are seeing eye-to-eye. Berenberg analysts quoted by the Financial Times<\/a> described the agreement as \u201cencouraging\u201d while Peel Hunt suggested<\/a> that they were \u201ccompletely on the same page.\u201d<\/p>\n

The clock is ticking:<\/strong> According to UK merger rules, Endeavour needs to bring an offer to the table by no later than 31 December. But given the time that had already passed since Centamin rejected the previous offer, the company is bidding to have the deadline extended so that due diligence can be conducted.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 statement (pdf) following a meeting […]<\/p>\n","protected":false},"author":1,"featured_media":591784,"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":[413,2569,72,10811,373,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-591783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-canada","tag-centamin","tag-enterpriseam","tag-mas","tag-mining","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"f23a15a3-42f9-406d-8d31-49ff09c7b502","is_powered_by":true,"section_story_id":"b4a3d9c2-a3fc-4c89-8f7c-72befbd95171","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/685.jpg","photo_position":"above","related_issue":[591774],"teaser":"","voice_url":""},"yoast_head":"\nCentamin accepts Endeavour\u2019s due diligence offer - 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\/17\/centamin-accepts-endeavours-due-diligence-offer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Centamin accepts Endeavour\u2019s due diligence offer\" \/>\n<meta property=\"og:description\" content=\"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 statement (pdf) following a meeting […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/17\/centamin-accepts-endeavours-due-diligence-offer\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-17T04:44:43+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\/17\/centamin-accepts-endeavours-due-diligence-offer\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/17\/centamin-accepts-endeavours-due-diligence-offer\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Centamin accepts Endeavour\u2019s due diligence offer\",\"datePublished\":\"2019-12-17T04:44:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/17\/centamin-accepts-endeavours-due-diligence-offer\/\"},\"wordCount\":504,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/17\/centamin-accepts-endeavours-due-diligence-offer\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/685.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Canada\",\"Centamin\",\"EnterpriseAM\",\"M&As\",\"mining\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/17\/centamin-accepts-endeavours-due-diligence-offer\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/17\/centamin-accepts-endeavours-due-diligence-offer\/\",\"name\":\"Centamin accepts Endeavour\u2019s due diligence offer - 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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":592017,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/24\/endeavour-gets-its-wish-for-deadline-extension-on-centamin-merger-offer\/","url_meta":{"origin":591783,"position":1},"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":591367,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/04\/centamin-rejects-usd-1-9-bn-endeavour-merger-proposal\/","url_meta":{"origin":591783,"position":2},"title":"Centamin rejects USD 1.9 bn Endeavour merger proposal","author":"enterpriseam admin","date":"4 December 2019","format":false,"excerpt":"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\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":591935,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/pressure-from-top-endeavour-centamin-shareholder-to-make-merger-work\/","url_meta":{"origin":591783,"position":3},"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":591783,"position":4},"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":[]},{"id":567192,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/15\/endeavour-walks-away-from-centamin-takeover-bid\/","url_meta":{"origin":591783,"position":5},"title":"Endeavour walks away from Centamin takeover bid","author":"enterpriseam admin","date":"15 January 2020","format":false,"excerpt":"M&A WATCH- Endeavour walks away from Centamin takeover bid: Canada\u2019s Endeavour Mining has decided not to renew its failed USD 1.9 bn takeover offer for Egypt-focused Centamin, saying it hadn\u2019t received enough information during an assessment period \u201cto be confident,\u201d according to a company statement. Endeavour CEO Sebastien de Montessus\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\/607.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\/591783","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=591783"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/591783\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/591774"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/591784"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=591783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=591783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=591783"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=591783"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=591783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}