Titanium and zircon miner Kenmare Resources said today it has rejected a proposal from a consortium made up of Oryx Global Partners and former managing director and founder Michael Carvill as the offer undervalued its business and its prospects.
Shares in the company soared in Dublin trade today.
Kenmare operates the Moma Titanium Minerals Mine in northern Mozambique, and its products are used in such items as paints, plastics and ceramic tiles.
In a statement today, Kenmare said the most recent proposal received was at a price of 530 pence per Kenmare ordinary share.
It said in order to facilitate the consortium improving the financial terms of the proposal, it has offered to provide the consortium with access to limited due diligence information.
"There can be no certainty that a firm offer will be made, or as to the terms of any such offer, should one be made," it stated.
A further announcement will be made as and when appropriate, the company added.
Michael Carvill stepped down as managing director later of Kenmare last year.
