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

Editors Pick
The recent week marked the lull before the storm, with very few market moving economic numbers released during the week. However, the economic news flow picks up pace in the upcoming week, offering glimpses into every vehicle of economic growth, ranging from consumers to private sector activity to housing.... Life expectancy at birth in the U.S. is already lower than most other developed nations and is now projected to fall further behind by 2030, according to a new study. It also suggests that by 2030, national female life expectancy in South Korea could break the 90 year barrier. Department store chain J.C. Penney Co. Inc. on Friday reported a turnaround to profit in the fourth quarter as a slight decline in sales was more than offset by lower expenses. Adjusted earnings per share for the quarter beat analysts' expectations, while revenues slightly missed their estimates. Earlier today, J.C. Penny announced a plan to optimize its national retail operations.
comments powered by Disqus
Follow RTT