Cairo – Mubasher: The board of directors of the gold miner Centamin advised its shareholders to take no action concerning an acquisition proposal from Canada’s Endeavour Mining Corp.

The Canadian firm has offered 0.0846 of its own shares for each Centamin’s share, according to a statement on Tuesday.

“The terms of the proposal provide comparatively greater benefit to Endeavour’s shareholders, do not adequately reflect the contribution that Centamin would make to the merged entity,” the gold miner explained.

 In September, the world’s largest asset manager BlackRock acquired a 15% stake in Centamin.

Earlier, the London-listed gold miner announced that profit share payments to Egypt reached $39.4 million during the first half of 2019.