(Reuters) -UK’s Adriatic Metals said on Tuesday it was in talks with Canadian peer Dundee Precious Metals regarding a possible takeover.
Sky News, which first reported about the potential talks earlier in the day, said a deal could value the British firm at about 700 million pounds ($935.3 million), citing bankers.
Adriatic Metals said it has provided Dundee access to limited due diligence information.
Dundee is required to provide a firm offer or walk away from the talks by June 17, under the UK takeover rules.
($1 = 0.7484 pounds)
(Reporting by Anandita Mehrotra and Simone Lobo in Bengaluru; Editing by Shilpi Majumdar)
