Kenmare Resources said to have received 20p per share bid approach from Iluka Resources
Kenmare Resources shares gained yesterday, 25 June, on talk that it had received a bid approach from Iluka Resources, The Times reported. The newspaper’s market report section mentioned market gossip that Kenmare managing director Michael Carvill, had recently been sounded out about a potential 20p per share bid for the listed Anglo-Irish mining company from Australian rival Iluka, but did not cite a source for the rumour.
Traders did not know whether Iluka’s approach remains active, but did not believe that Kenmare had consulted with the company’s biggest shareholder M&G about the approach, the item continued. M&G holds a stake just short of 17.5% in Kenmare Resources, the article added.
Kenmare Resources’ share price closed up at in London yesterday, giving the company a market capitalisation of GBP 333m (EUR 414m).
Source The Times