Gemfields Stops Possible Offer Talks with Rox

Gemfields Plc announced last Wednesday that the company’s preliminary talks with Rox Conduit for a possible offer for the gemstones miner had been discontinued, adding that it remained “in an offer period,” according to a recent Reuters’ report.

A parcel of fine Zambian emeralds.
A parcel of fine Zambian emeralds.
 
The company, which has a strong focus on Zambian emeralds, also said it did not have any information as to whether Rox Conduit will pursue its interest in the possible offer on the same or revised indicative terms.

On June 5, Gemfields announced it was in early talks with Rox Conduit, parent of Rox LTD and a related party of Pallinghurst Resources LTD that may lead to an 8-pence-per-share (US$ .13-cents-per- share) offer for the company’s shares not already owned by Rox LTD.

Rox LTD owns a 64.2 percent stake in the company, according to Gemfields’ website.