June 14 China's Fosun International Ltd
joined the race for Fabergé owner, Gemfields Plc
, after it made an initial proposal regarding a possible
cash offer for the British precious stones miner.
Fosun Gold, part of Fosun International, said it proposed to
but Gemfields at a price of 40.85 pence per Gemfields share, a
premium of 15.1 percent to Gemfield's closing price of 35.5
pence on Tuesday.
Fosun's proposal values Gemfields, which mines for emeralds
and amethysts in Zambia and for ruby and corundum in Mozambique,
at 224.6 million pounds ($287.13 million).
Mining group Pallinghurst Resources Ltd, the
largest shareholder of Gemfields, in May, offered to buy out the
remaining 52.91 percent it does not already own for about 111.9
Gemfields said Pallinghurst's offer "significantly
undervalues" the company.
($1 = 0.7822 pounds)
(Reporting by Noor Zainab Hussain in Bengaluru, editing by