Cairo – Mubasher: Canada’s Endeavour Mining Corp. will not provide the information requested by Centamin to determine the feasibility of a potential merger between the two companies until the gold miner approves an extension of the PUSU (put up or shut up) deadline.
Endeavour Mining Corp is required to announce whether it intends to make an offer or not to acquire Centamin by no later than 31 December, according to a statement on Wednesday.
On 14 December, top officials from the two companies met and agreed to conduct a reciprocal due diligence in order to assess each other’s assets.
“Without Endeavour providing information that is core to the assessment of value, such as its financial model, Centamin cannot properly assess the proposed combination,” Centamin said in the statement.
The gold miner expressed its disappointment “that despite its efforts at constructive engagement, Endeavour has reportedly refused to engage in a proper manner.”
Earlier in December, the board of directors of Centamin rejected an acquisition proposal from Endeavour which offered 0.0846 of its own shares for each Centamin’s share in a bid to control Centamin’s assets that include the Sukari mine in Egypt.
