Kenmare Resources Rejects £5.30 Takeover Offer from Oryx and Ex-CEO Carvill

Kenmare Resources

Titanium producer opens due diligence access for improved bid but says current offer undervalues business.

Kenmare Resources, a Dublin-based titanium mining company, has rejected a takeover bid from Oryx Global Partners and former CEO Michael Carvill. The non-binding proposal offered £5.30 per share in cash for all issued and to-be-issued shares.

Kenmare, listed on the London Stock Exchange and Euronext Dublin, called the bid insufficient. The board unanimously rejected the proposal, stating it undervalues the company’s business and future prospects.

Due Diligence Granted for Potential Improved Offer

Although the offer was declined, Kenmare granted Oryx and Carvill limited due diligence access. This move keeps the door open for a revised offer, though Kenmare emphasized that no firm proposal is guaranteed.

Under Irish takeover regulations, the bidders must announce a definitive offer or withdrawal by 17:00 GMT on 17 April 2025. Carvill, who led Kenmare for 38 years, stepped down in August 2024.

Kenmare’s Strategic Focus Remains on Mozambique Titanium Operations

Kenmare owns and operates the Moma titanium minerals mine in Mozambique, a major global source of ilmenite, rutile, and zircon. With strong long-term market fundamentals for titanium feedstocks, Kenmare’s board sees substantial intrinsic value in its standalone strategy.

The rejected bid highlights the increasing strategic interest in critical mineral producers, especially those with long-life assets in geopolitically stable jurisdictions.