Cairo – Mubasher: Gold miner Centamin has announced that an extension has been granted to Endeavour to announce whether it intends to make a merger offer or not.
The “put up or shut up” (PUSU) deadline for Endeavour has been extended to 14 January instead of 31 December, according to a statement on Monday.
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.
Canada’s Endeavour said that it 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 deadline.
Earlier this month, 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.
