Centamin PLC on Monday won approval to give its Canadian suitor Endeavour Mining more time to make a firm offer, as shareholder pressure mounted on the London-listed miner to engage in talks.
The new “put up or shut up” deadline for Endeavour to make an offer or walk away has been set for Jan. 14 by the British takeover panel on Centamin’s request.
Endeavour had urged Centamin to seek an extension until Jan. 31, saying the original Dec. 31 deadline did not give it sufficient time to study Centamin’s assets.
Centamin earlier this month rejected a £1.47-billion ($2.5-billion) all-stock takeover proposal from Endeavour, saying it did not offer enough value to Centamin shareholders.
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