Cairo – Mubasher: Endeavour Mining Corporation and Centamin have agreed to determine the feasibility of a potential merger between the two companies.
“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 on Monday.
This came during a meeting between the CEO of Endeavour and the chairman of Centamin in Australia on 14 December.
“In order to commence the due diligence exercise, the parties now need to agree on the scope and timetable. As such, Endeavour sent its proposed due diligence timetable to Centamin [on Sunday],” the statement showed.
Endeavour is required to reveal whether it intends to make an offer or not to acquire gold miner Centamin by no later than 31 December.
Earlier in December, the board of directors of Centamin rejected an acquisition proposal from Canada’s Endeavour Mining Corp. 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.
