Kenmare rejects takeover proposal from former MD and Abu Dhabi firm following lower bid

Kenmare said  it unanimously rejected the revised pricing “on the basis that it significantly undervalued Kenmare’s business and its prospects”.

The consortium, comprising the former MD and Abu Dhabi private equity firm Oryx Global Partners Ltd said it was only willing to proceed with a bid below its initial £473m (€553m) proposal.

The board of mining giant Kenmare Resources has unanimously rejected a bid from a consortium led by its former managing director Michael Carvill for the company's share capital.

The consortium, comprising the former MD and Abu Dhabi private equity firm Oryx Global Partners Ltd said it was only willing to proceed with a bid below its initial £473m (€553m) proposal.