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
Monsanto Company (MON) announced the company now expects fiscal 2016 as-reported EPS to be at the low end of the $3.36 to $4.14 adjusted range. In April, the company projected its fiscal 2016 as-reported earnings guidance to be in a range of $3.72 to $4.48 per share. The company adjusted its full-year... Nintendo hasn't shown off its upcoming Next Generation console at E3, the major gameshow, on fears of others copying it, reports said quoting video game developer Shigeru Miyamoto. At an investors meeting in Japan, the gaming console maker however revealed that it continues to look into the possibility of developing a virtual reality headset, but affordable and comfortable one. Kellogg's is entering into restaurant business with the opening of a new cafe in New York City, exclusively for cereals that may cost around $8 per bowl, reports said. The cafe, to be known as Kellogg's NYC, will be launched officially on July 4 in the heart of Times Square.
comments powered by Disqus
Follow RTT