LONDON (dpa-AFX) - Responding to recent press speculation, Kenmare Resources plc. (KMR.L) confirmed that it received a non-binding proposal from Oryx Global Partners Limited and Michael Carvill regarding a possible all-cash offer for the entire issued and to-be-issued ordinary share capital of Kenmare. The most recent proposal was for 530 pence per Kenmare ordinary share.
The Board of Kenmare considered the terms of the proposal and unanimously rejected it, stating that it undervalued Kenmare's business and its prospects. However, to allow the Consortium an opportunity to improve the financial terms of the proposal, the company has offered to provide the Consortium with access to limited due diligence information.
There can be no certainty that a firm offer will be made, or as to the terms of any such offer, should one be made.
As per the U.K. rule, by not later than 5.00 pm on 17 April 2025, the Consortium must either announce a firm intention to make an offer for Kenmare or announce that it does not intend to make an offer for Kenmare. This deadline will only be extended with the consent of the Takeover Panel.
KMR.L was up 41.09% at 388.00 pence in regular trading on the London Stock Exchange.
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