Africa-focused gold producer Endeavour Mining Corp. dropped its planned takeover of Toronto- and London-listed Centamin PLC, the companies said separately Jan. 14.

Centamin said it did not pursue a further extension to the Jan. 14 deadline for Endeavour to make a firm offer after determining that the potential bid "materially undervalued" Centamin.

Endeavour said the information it received from Centamin during the due diligence process was not enough for it to be confident to make an offer. Centamin earlier expressed disappointment with Endeavour's refusal to engage during the merger talks.

In December 2019, Centamin rejected Endeavour's C$2.52 billion all-share takeover bid, saying it undervalued the target. Endeavour had hoped to add Centamin's Sukari gold mine in Egypt to its portfolio.