Gemfields committee recommends Fosun offer despite calling it ‘unreasonable’

Emerald miner Gemfields on Tuesday said Fosun Gold Holdings’ cash offer for all the shares in Gemfields at 45p apiece – totalling £256-million – was unfair and unreasonable. Fosun Gold on Tuesday morning raised its offer for Gemfields, with the offer representing a premium of 18% to Gemfields' share price of 38.13p at the close of business on May 18, the last business day before Pallinghurst Resources made its $150-million offer to acquire the shares in Gemfields it does not already own.