December 16, 2019 / 7:47 AM / 2 months ago

Endeavour, Centamin to conduct due diligence to assess possible merger

LONDON, Dec 16 (Reuters) - Endeavour Mining Corporation and Centamin have agreed to conduct a reciprocal due diligence exercise to assess the feasibility of a merger, following a weekend meeting between Endeavour’s CEO and Centamin’s chairman, Endeavour said on Monday.

“The objective of the due diligence exercise would be to allow both companies to further understand each other’s assets,” Endeavour said in a statement.

It would be “a critical precursor” to determining whether a deal could be agreed that was in the best interests of both companies’ shareholders.

As part of a flurry of M+A activity in the gold sector, Canada’s Endeavour Mining Corp this month made a $1.9 billion all-stock takeover proposal for Africa-focused Centamin, which Centamin said at the time did not offer sufficient value. (Reporting by Barbara Lewis; editing by Jason Neely)

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