FTSE 250 gold miner Acacia has terminated negotiations with Canadian firm Endeavour over a £3bn merger.
Both firms revealed talks had broken down this evening in separate statements. Acacia and Endeavour said progressing with a deal would not have been in the best interests of shareholders.
Acacia's chief executive Brad Gordon said the firm was "focused on creating value for our shareholders" and cited the firm's "disciplined approach to M&A".
He added: "We believe we will continue to unlock significant value at our operations in Tanzania, which are the foundations of our business, and are excited by the potential of the recently announced high-grade discovery in Kenya as we continue our journey towards creating a pan-African mining company.”
Endeavour said the preliminary discussions, announced on 13 January, had led to an "inability to reach an agreement that it believed would create adequate value for Endeavour shareholders".
Sebastien de Montessus, Endeavour's president and chief executive added: "Our main focus is to create long-term value for our shareholders by advancing the strong organic growth opportunities within our portfolio
"We will continue to maintain a disciplined approach to business development opportunities and only enter into transactions that we believe are aligned with our long-term strategic objectives and that create value for our shareholders."