THE GROUP bidding for London-listed miner ENRC has been given three more weeks to piece together a formal takeover offer.
Less than an hour before a Takeover Panel deadline at 5pm yesterday, the firm’s independent board members revealed that they had asked the panel to give the bidders an extension.
The board said it received “written assurances from all members of the consortium” that they will be ready to make a formal offer by the new deadline of 24 June.
FTSE peer Kazakhmys, which owns 26 per cent of ENRC but is not part of the consortium, said it welcomed the extension.
“This is a complicated situation, given the current difficulties ENRC is experiencing. Should a proposal be tabled, the board of Kazakhmys will remain focused on the best interests of all its shareholders having regard to all relevant factors,” said chair Simon Heale.
ENRC holds its annual shareholder meeting tomorrow, where it is set to face questions on an ongoing Serious Fraud Office probe and a string of recent board departures.