Adriatic Metals confirmed on Wednesday that it is in discussions with Toronto-listed Dundee Precious Metals regarding a potential takeover bid. The confirmation comes after growing media speculation and reports suggesting a possible £700-million valuation of the UK-based miner.
To advance the talks, Adriatic has granted Dundee limited access to conduct due diligence. Despite the progress, both companies emphasized that there is no certainty a formal offer will materialize or what its terms might be. “Discussions remain ongoing and there can be no certainty that any firm offer will be made,” Adriatic stated, advising shareholders to take no action at this stage.
Dundee echoed the sentiment, stressing that the discussions do not constitute a firm offer under the UK Takeover Code, nor do they obligate the company to proceed.
Adriatic Metals’ main asset is the Vareš silver project in Bosnia and Herzegovina. The mine, which produces silver/lead and zinc concentrates, has gained attention due to its high-grade polymetallic resources and strategic European location.
