Endeavour Mining, a gold mining company, offered to merge with Centamin, a mid-tier gold producer, in a £1.5bn ($1.94bn) deal. Centamin's management rejected the offer, claiming it undervalued the company. “We firmly believe that the proposed combination between Endeavour and Centamin provides a compelling value creation opportunity for both sets of shareholders, which is superior to what can be achieved by each company on a standalone basis," Michael Beckett, Endeavour Chairman of the Board of Directors.