Gemfields PLC (AIM: GEM) said it has terminated preliminary talks with Rox Conduit Ltd, the parent company of Rox Ltd and related party of Pallinghurst Resources Ltd, regarding a possible offer for the company which was announced in June 2009.
In a statement today, the company said that following careful consideration of the indicative terms of the possible offer and consultation major independent shareholders, it decided to end the talks.
Gemfields currently has no information as to whether RoxC will pursue its interest in an offer on the same or revised indicative terms, and it therefore remains in an offer period.
Gemfields early June announced RoxC’s approach regarding a possible firm cash offer for the shares in Gemfields not currently owned by Rox or Pallinghurst at 8 pence each.
Rox holds 208.1 million Gemfields shares and Pallinghurst owns 12.8 million, which together represent an approximately 68.2 percent Gemfields stake.