African Diamonds rejects takeover bid

THE board of African Diamonds, the Irish-headquartered precious stone mining company, has effectively turned down a takeover approach for the company.

The John Teeling-chaired explorer, whose main asset is the high potential AK6 diamond mine in Botswana, said yesterday (via a stock exchange announcement) that it had received an unsolicited proposal regarding “a potential offer” to acquire the entire share capital of the Dublin-based company.

“The board of African Diamonds does not consider the proposal, as currently constituted, to be one it would recommend to shareholders and there can be no certainty that an offer will be made for African Diamonds or as to the terms on which any such offer would be made,” yesterday’s statement added.

Management were not available for comment.