RE:Endeavour pivots to exploration to shake 'M&A junkie' image
But Endeavour shares fell in the months after the Teranga deal was announced, partly reflecting investor unease about an acquisition at a time high gold prices were inflating valuations across the sector.
The deal was "a step too far for a lot of shareholders", said portfolio manager Jon Case at Sentry Investments in Toronto, adding investors had wanted Endeavour to integrate Semafo first. "For a lot of people, it was too soon."
Karim Nasr, CEO of top Endeavour investor La Mancha, which will hold a 19% stake in the company after a new $200 million investment closes this quarter, said there is "no need" for more M&A at the group.
exactly
tC