Kenmare rejects takeover approach
In a brief statement posted on the Irish Stock Exchange yesterday, Kenmare’s management said it had rejected Iluka’s proposal on grounds that it believes the approach didn’t recognise the inherent value of its sole asset — the Mozambique-based Moma titanium mine — as a long-life, low-cost asset.
The Perth firm — whose chief assets are in Australia, the US, and Sri Lanka — was offering a share-for-share, non-cash takeover, with Kenmare’s shareholders set to receive 0.036 new Iluka shares for each Kenmare one they own.
