The share price of Kenmare Resources (LON: KMR) surged on Wednesday after the company confirmed it had received a takeover proposal from Oryx Global Partners and its former managing director, Michael Carvill.
While up more than 44.9% at 398.5p at the time of writing, the stock initially reached a high of 438p, its highest level since September 2023.
Prior to today’s move, it had experienced a notable decline in 2025, dropping as low as 270p a share on Tuesday.
The non-binding offer valued Kenmare at 530p per share in cash. However, the board unanimously rejected the proposal, stating that it undervalued the company’s business and future prospects.
Despite this, Kenmare has agreed to grant the consortium limited access to due diligence information, potentially paving the way for an improved bid.
“There can be no certainty that a firm offer will be made, or as to the terms of any such offer,” the company said in a statement.
Under Irish Takeover Rules, the consortium must either make a firm offer or withdraw its interest by 17 April 2025, unless the Takeover Panel grants an extension.
Kenmare, a major producer of titanium minerals and zircon, has been the subject of increasing investor interest due to strong market demand for its products.
The consortium has yet to publicly respond, but with Kenmare’s stock rallying on the news, investors seem to be anticipating further developments in the coming weeks.
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