Endeavour in merger talks with Teranga – Staff (Mining.com – November 10, 2020)


Endeavour Mining (TSE: EDV) confirmed on Tuesday that it is in discussions with Teranga (TSE: TGZ) regarding a potential merger.

The miner is considering an all-stock purchase and may offer a low premium for the Toronto-listed company, people with knowledge of the matter told Bloomberg. Teranga also confirmed the talks in a separate statement.

Teranga shares rose 4.5% in Toronto while shares of Endeavour fell 5.7% by midday Tuesday. Gold producers are benefiting from a rebound in the price of the metal, which hit a record high in recent months.

Shares of Teranga were already up 87% this year on Monday, giving the company a market capitalization of about C$2.2 billion ($1.7 billion). Endeavour is valued at about C$5.2 billion in Toronto.

Endeavour, which is 24.12% owned by Egypt’s Sawiris family, acquired Semafo in March to become West Africa’s top gold miner.

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