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.
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