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
HSBC is reportedly laying off about 100 of its senior investment bankers worldwide, as the banking giant strives to curb operating costs. According to reports, the London-headquartered bank will eliminate managing director and director level employees at the Global Banking and Markets division, as... Samsung Electronics Co., Ltd. (SMSN.L, SSNNF.OB, SSNLF.OB) will reportedly blame faulty batteries for last year's Galaxy Note 7 fiasco. According to a Wall Street Journal report, Samsung's investigation of Galaxy Note 7 smartphones found that some batteries were irregularly sized while others had... Federal investigators have closed their probe of a fatal crash that involved a Tesla Motors Inc. car eight months ago. The regulators said they have found no safety defects in the vehicle's automated driving system and that Tesla's Autopilot-enabled vehicles did not need to be recalled.
comments powered by Disqus
Follow RTT