Former Kenmare CEO Carvill secures second extension to make bid for firm
former managing director
Michael Carvill
and an Abu Dhabi private equity firm have been given second extension to at least announce a firm intention to make a bid for the titanium minerals miner.
The Irish Takeover Panel had originally set an April 17th deadline for the duo to make a move, after their initial indicative offer of £5.30 per share – or £473 million (€547 million) in total – was rejected by the company, which Mr Carvill founded in 1986 and led until his exit last August.
The time period was subsequently extended to close of business on Thursday. However, Kenmare said on Thursday morning that the Irish Takeover Panel has agreed to another extension of the so-called put-up or shut-up deadline, to June 20th.
'In order to facilitate ongoing discussions with the consortium and to provide additional time for the consortium to progress its due diligence, the board has requested, and the Takeover Panel has consented to, an extension to the date by which the consortium is required to either announce a firm intention to make an offer for the company or announce that it does not intend to make an offer,' Kenmare said.
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Michael Carvill knows value of Kenmare's Mozambique mine more than anyone. Is he ready to pay up?
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'There can be no certainty that any firm offer will be made, or as to the terms of any such offer, should one be made. A further announcement will be made as and when appropriate.'
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