FILE PHOTO: A company logo of Fosun International is seen at the Fosun Fair held alongside the annual general meeting of the Chinese conglomerate in Hong Kong, China May 28, 2015. REUTERS/Bobby Yip/File Photo.
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 million pounds.
Gemfields said Pallinghurst's offer "significantly undervalues" the company.
