Centamin (DI) (CEY)

Sector:

Mining

Index:

FTSE 250

124.05p
   
  • Change Today:
      0.25p
  • 52 Week High: 153.15p
  • 52 Week Low: 79.84p
  • Currency: UK Pounds
  • Shares Issued: 1,155.96m
  • Volume: 3,158,298
  • Market Cap: £1,433.96m
  • RiskGrade: 470

Endeavour ends merger talks with Centamin

By Michele Maatouk

Date: Tuesday 14 Jan 2020

LONDON (ShareCast) - (Sharecast News) - Canada's Endeavour Mining said on Tuesday that it has ended takeover talks with Centamin after deciding not to make an offer for the London-listed gold miner.
Under UK takeover rules, Endeavour had until the end of the day to make a firm offer or walk away.

Chief executive Sebastien de Montessus said: "We remain convinced about the strategic rationale of combining Endeavour and Centamin to create a diversified gold producer with a high-quality portfolio of assets.

"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."

For its part, Centamin said in a statement that the offer "materially undervalued" the company and its prospects.

Endeavour went public with its £1.47bn all-share offer in December and the companies had been in talks since.

At 1205 GMT, Centamin shares were down 2.9% at 123.50p.

RBC Capital Markets analyst James Bell said termination of the merger discussions was "somewhat disappointing" but expected.

"The timeframe to complete due diligence from the extension of the Put Up Or Shut Up (PUSU) deadline on December 23rd to today was relatively short. The tone of the public RNS interactions between EDV and CEY also struck us as not necessarily supportive of a potential merger."

He pointed to Endeavour's statement about the due diligence process and said: "This could be read as in line with our analysis of the potential transaction that showed it was dilutive today for EDV. Without the comfort on potential medium-term upside management are correct to walk away in our view."

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Centamin (DI) Market Data

Currency UK Pounds
Share Price 124.05p
Change Today 0.25p
% Change 0.20 %
52 Week High 153.15p
52 Week Low 79.84p
Volume 3,158,298
Shares Issued 1,155.96m
Market Cap £1,433.96m
RiskGrade 470

Centamin (DI) Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
38.77% below the market average38.77% below the market average38.77% below the market average38.77% below the market average38.77% below the market average
85.71% below the sector average85.71% below the sector average85.71% below the sector average85.71% below the sector average85.71% below the sector average
Price Trend
72.45% above the market average72.45% above the market average72.45% above the market average72.45% above the market average72.45% above the market average
72.36% above the sector average72.36% above the sector average72.36% above the sector average72.36% above the sector average72.36% above the sector average
Income
2.21% below the market average2.21% below the market average2.21% below the market average2.21% below the market average2.21% below the market average
80.95% below the sector average80.95% below the sector average80.95% below the sector average80.95% below the sector average80.95% below the sector average
Growth
73.14% below the market average73.14% below the market average73.14% below the market average73.14% below the market average73.14% below the market average
93.1% below the sector average93.1% below the sector average93.1% below the sector average93.1% below the sector average93.1% below the sector average

What The Brokers Say

Strong Buy 8
Buy 0
Neutral 4
Sell 0
Strong Sell 1
Total 13
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Centamin (DI) Dividends

  Latest Previous
  Final Interim
Ex-Div 21-May-20 29-Aug-19
Paid 12-Jun-20 27-Sep-19
Amount 6.00¢ 4.00¢

Trades for 03-Apr-2020

Time Volume / Share Price
16:51 200,000 @ 123.65p
16:35 484,607 @ 124.05p
16:29 73 @ 123.50p
16:29 331 @ 123.75p
16:29 3,946 @ 123.75p

Centamin (DI) Key Personnel

CFO Ross Jerrard
CEO Martin Horgan

Top of Page