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Endeavour Mining seeking support from Centamin shareholders in takeover bid

Africa-focused gold producer Endeavour Mining Corp. is seeking support from shareholders of London-listed Centamin PLC for its C$2.52 billion takeover offer, which Centamin's board recently shunned, Reuters reported, citing Endeavour Mining CEO Sébastien de Montessus.

Endeavour Mining has until Dec. 31 to either build up support, pursue a hostile bid, request an extension or scrap the all-share offer entirely, according to the report. Centamin earlier urged shareholders to take no action on the bid.

Under the proposal, each Centamin share would be exchanged for 0.0846 Endeavour share. The prospective buyer is eyeing Centamin's Sukari gold mine in Egypt.

Centamin had said that the all-share offer undervalued the company while noting that Endeavour will be the only one reaping the benefits of a merger.

De Montessus declined to comment when asked if Endeavour Mining would sweeten its offer, according to the report.