Aaah Grasshoppersan, Not so fastie, no can wait till 7/25! Lookie like today and Monday will be big day for Cove shareholders.
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Andrew Hobbs 13 July 2012 07:12 GMT
British regulatory body the Takeover Panel has set the close of business on 16 July as the last date for new public takeover offers for Cove Energy from suitors Shell and PTT Exploration and Production Africa.
The two companies have been competing since February for control of Cove, with PTTEP currently offering £2.40 per share compared to Shell’s £2.20.
Both offers are significantly below Cove’s 12 July closing price of £2.74.
While neither company has declared their offer final, neither has been able to win significant support for their deal, with both recording commitments of less than 4% of shares to their offers.
Deeming the situation to be a competitive deadlock, the Takeover Panel has ruled that 16 July at 5:00pm London time will be the last time a revised offer can be made, unless a third party makes a bid.
Following this date, the parties must compete against each other in an auction situation starting on 17 July – with parties compelled to react within a day of the other increasing its offer.
On the day when no subsequent increase is made, the auction will conclude, the panel said.
The Panel said its decision had been accepted by Cove, PTTEP and Shell, which yesterday increased the closing date of its offer to 25 July.
Cove’s key asset is its 8.5% stake in gas-rich Area 1, off Mozambique, which is estimated to hold recoverable gas resources of 24 trillion-50 trillion cubic feet.
It also holds a 10% stake in the Rovuma Onshore Area in Mozambique, as well as interests of between 10% and 25% in seven deep-water blocks in Kenya.
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Andrew Hobbs 13 July 2012 07:12 GMT
British regulatory body the Takeover Panel has set the close of business on 16 July as the last date for new public takeover offers for Cove Energy from suitors Shell and PTT Exploration and Production Africa.
The two companies have been competing since February for control of Cove, with PTTEP currently offering £2.40 per share compared to Shell’s £2.20.
Both offers are significantly below Cove’s 12 July closing price of £2.74.
While neither company has declared their offer final, neither has been able to win significant support for their deal, with both recording commitments of less than 4% of shares to their offers.
Deeming the situation to be a competitive deadlock, the Takeover Panel has ruled that 16 July at 5:00pm London time will be the last time a revised offer can be made, unless a third party makes a bid.
Following this date, the parties must compete against each other in an auction situation starting on 17 July – with parties compelled to react within a day of the other increasing its offer.
On the day when no subsequent increase is made, the auction will conclude, the panel said.
The Panel said its decision had been accepted by Cove, PTTEP and Shell, which yesterday increased the closing date of its offer to 25 July.
Cove’s key asset is its 8.5% stake in gas-rich Area 1, off Mozambique, which is estimated to hold recoverable gas resources of 24 trillion-50 trillion cubic feet.
It also holds a 10% stake in the Rovuma Onshore Area in Mozambique, as well as interests of between 10% and 25% in seven deep-water blocks in Kenya.