PTT Exploration makes bid for Cove Energy
By BFN News | 03:00 PM | Friday 24 February, 2012
PTT Exploration, Thailand's national petroleum exploration and production company with more than 40 projects in 13 countries around the globe, has made a cash offer for Cove Energy.
It is proposing to pay 220p for each Cove share.
The offer values the entire issued and to be issued share capital of Cove at approximately £1,119.6m and would represent a premium of 134.0% to the closing price of 94.0p per Cove share as of 12 December 2011, the last business day prior to Cove's announcement of the opening of the data room to certain parties who expressed an interest in Cove's participation in the Mozambique Rovuma Offshore Area 1 Block.
It is also a premium of 95.6% to the closing price of 112.5p per Cove share as of 4 January 2012, the last business day prior to Cove's announcement of the sale process for the company.
PTT expects to finance the proposed offer, if agreed, from its existing resources and available facilities.
At 3:00pm: (LON:COV) share price was +35.75p at 230.5p
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