Kenmare rejects buyout offer from Oryx, Michael Carvill
London-listed titanium minerals miner Kenmare Resources has informed shareholders that it has received a nonbinding proposal from Oryx Global Partners and Kenmare founding MD Michael Carvill, together as a consortium, to buy all the issued share capital of Kenmare.
The company has, however, rejected the offer of £5.30 a share, stating that it undervalues the company.
“The Kenmare board considered the offer together with advisers and unanimously rejected the offer on the basis that it undervalues not only the company’s current business but also its prospects,” the company states.
It has also offered to provide the consortium with due diligence information to facilitate an improvement in financial terms of any possible future offers, but cautions that there is no certainty that a firm new offer will be made.
Kenmare, headquartered in Ireland, currently mines titanium minerals from the Moma mine, in Mozambique. The mine has enough mineral resources to support production for more than 100 years.
Production at the mine started in 2007 and it produced 986 300 t of ilmenite, 51 100 t of zircon, 8 400 t of rutile and 45 700 t of concentrates in 2023.
Oryx undertakes strategic investments to facilitate clean energy transitions and secure supply chains of minerals, while Carvill is the founding MD of Kenmare.
Carvill in March 2024 was quoted as saying that the company is often not recognised by the market and that there were at the time no plans to sell the company despite calls by a shareholder for it to consider “strategic options”.
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