logo
Plus   Neg
Share
Email
Comment

Shell's Unit Proposes To Buy Cove Energy In £992.4 Mln Cash Deal - Quick Facts

European oil giant Royal Dutch Shell Plc. (RDS-A, RDSA.L, RDSB.L, RDS-B) on Wednesday announced that its subsidiary Shell Exploration and Production (XL) B.V. , known as Shell Bidco, proposed to acquire Cove Energy Plc (COV.L, CNVGF.PK) for 195 pence in cash per share.

The offer values the entire issued and to be issued share capital of Cove at approximately 992.4 million pounds.

The offered price represents a premium of 73.3 percent to the closing price Cove as of January 4, the last business day prior to Cove's announcement of the sale process for the company. It also represents a 28.5 percent to the average closing price over the five business days ending on February 21.

The company noted that the Board of Cove would expect to recommend the offer, if made.

On January 5, Cove announced its decision to conduct a formal sale process for the company. Shell Bidco is a participant in the formal sale process. As a result, Shell Bidco and Cove are near agreement on the full terms and conditions of a recommended cash offer, the company noted.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Angry protesters are planning more than 50 demonstrations on Friday at several Tim Hortons locations across Canada after some franchise owners in Ontario slashed workers' benefits as well as paid breaks in response to the Ontario government's minimum wage hike. The protests are being organized by advocacy group Leadnow and the Fight for $15 & Fairness Campaign. Athletic footwear giant Nike, Inc. on Thursday announced a new marketing head, in its efforts to boost market share. The company promoted Dirk-Jan "DJ" van Hameren as its VP, Chief Marketing Officer, effective immediately. Van Hameren will succeed Greg Hoffman, who has been appointed VP, Global Brand Creative & Marketing Innovation Amazon.com Inc. (AMZN) said Thursday that it has chosen the 20 metropolitan areas to move to the next phase of the selection process for the company's second headquarters. The company plans to invest over $5 billion and grow the second headquarters to accommodate as many as 50,000 high-paying jobs.
comments powered by Disqus
Follow RTT