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Endeavour Mining secures more time to pursue Centamin takeover

U.K.'s Panel on Takeovers and Mergers approved Centamin PLC's request to give additional time to Endeavour Mining Corp. to make a takeover offer for the latter, or announce that it will not be doing so.

The deadline was extended to Jan. 14, 2020, from 2019-end after the two companies agreed to the exchange of certain due diligence information.

Previously, Endeavour refused to share the information unless Centamin agreed to extend the deadline for lodging a firm offer.

Centamin said Dec. 23 it continues to believe that the possible offer materially undervalues the company and advised shareholders to take no action.

In early December, Centamin's board unanimously rejected the C$2.52 billion all-share takeover bid by Endeavour.

Centamin owns the Sukari gold mine in Egypt.