Kenmare Resources plc (LSE:KMR) shares fell 22% on Thursday morning after the company said it had ended takeover talks with a consortium that included private equity firm Oryx Global Partners and its former chief executive, Michael Carvill.
The London-listed, Ireland-headquartered titanium miner said discussions were terminated after the consortium proposed a significantly lower price than its earlier approach and asked for more time to secure financing, which was rejected.
Kenmare had first disclosed the talks in March following media speculation, confirming that it had received a preliminary and conditional offer at 530p per share.
Although the board initially gave limited access for due diligence, it has now decided not to extend the process, effectively ending negotiations.
The company said it remained confident in its future as an independent producer.
Operations at the Moma mine in Mozambique are said to be on track, with production guidance for 2025 unchanged.
A key plant upgrade is due to begin commissioning in the third quarter, ahead of the mine’s transition to a new ore zone that supports longer-term output.
The stock dropped 88.5p to 311.5p.