Kenmare Resources rejects initial takeover bid led by former managing director worth €565m

Shares of Kenmare Resources were up 45% in trading in London on Thursday morning

The former managing director of Kenmare Resources Michael Carvill and private equity firm Oryx Global Partners made an initial bid worth €565m for the titanium mining group. Picture: Jason Clarke

Mining firm Kenmare Resources has rejected an initial €565m takeover bid from a consortium led by its former managing director Michael Carvill. 

The company which operates the Moma Titanium Minerals Mine in Mozambique said it received a non-binding proposal from private equity group Oryx Global Partners Ltd and Mr Carvill regarding the offer, which proposed a price of £5.30 per share.