logo
Share SHARE
FONT-SIZE Plus   Neg

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
United Parcel Service, Inc. has started to test the use of drones to make commercial deliveries of packages to remote or difficult-to-access locations. On Thursday, the package delivery giant and drone-maker CyPhy Works staged a mock delivery of urgently needed medicine from Beverly, Massachusetts to Children's Island, which is about three miles off the Atlantic coast. Luxury electric car maker Tesla Motors Inc. (TSLA), Thursday filed a lawsuit against state officials over its right to sell vehicles directly to consumers in Michigan. The lawsuit has been filed against Governor Rick Snyder, Secretary of State Ruth Johnson and Attorney General Bill Schuette as defendants. Tesla... e.l.f. Beauty (ELF), a maker of cosmetic products, priced its initial public offering above its target range and raised about $141 million. The Oakland-based company opened sharply up on Thursday's trading on the New York Stock Exchange. The company said it sold about 8.3 million shares at $17 in...
comments powered by Disqus
Follow RTT