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DUBLIN - Oryx Global Partners (NYSE:GLP) Limited and Michael Carvill announced today they do not intend to make an offer for Kenmare Resources plc, following unsuccessful valuation negotiations.
The consortium stated it was "unable to reach alignment with Kenmare on its updated valuation" after completing a comprehensive due diligence process, according to a press release issued Thursday.
Under Rule 2.8 of the Irish Takeover Rules, the consortium will now be bound by restrictions regarding future offers. However, they reserved the right to set aside this announcement within the next six months where permitted under the rules.
Oryx Global Partners, a specialist investment firm focused on the minerals value chain and energy transition, indicated it would continue its "measured and disciplined approach to investment selection" despite withdrawing from this potential acquisition.
The consortium expressed well wishes to Kenmare regarding its Wet Concentrator Plant A upgrade project and extension of the Implementation Agreement.
Hannam & Partners and IBI Corporate Finance served as financial advisors to the consortium during the process.
Kenmare Resources, which operates in the mining sector, will continue as an independent company following this development.
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