January 14, 2020 / 11:21 AM / 3 months ago

Endeavour Mining drops bid to buy Centamin on lack of information

LONDON, Jan 14 (Reuters) - Endeavour Mining abandoned its 1.47 billion pound ($1.9 billion pursuit of Centamin, saying it did not receive sufficient information on the Egypt-based miner’s assets during an assessment.

“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 shareholders,” Endeavour CEO Sebastien de Montessus said in a statement.

Centamin rebuffed the all-stock takeover proposal from Endeavour in December, saying it did not offer enough value to Centamin shareholders.

$1 = 0.7711 pounds Reporting by Zandi Shabalala; editing by Jason Neely

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