PTTEP sees compulsory bid for rest of Cove Energy to end on 5 October.
M2 EQUITYBITES-September 19, 2012-PTTEP sees compulsory bid for rest of Cove Energy to end on 5 October(C)2012 M2 COMMUNICATIONS http://www.m2.com
19 September 2012 - Thai oil and gas explorer PTT Exploration and Production Pcl (PINK:PEXNY), or PTTEP, said on Wednesday it expects to secure full ownership of Cove Energy Plc (LON:COV) by 5 October when its compulsory procedure for the rest of the British peer's shares is expected to end.
PTTEP's GBP2.40 (USD3.90/EUR3.00) per share takeover offer for Cove was declared fully unconditional on 17 August and the compulsory bid for the remaining stock started on 23 August. By the close of business on 17 September, the Thai group reached an ownership level of 98.88% in Cove, it said.
The GBP1.22bn deal agreed on 23 May will see Cove Energy delisting its shares and becoming a fully-owned unit of PTTEP. After the buyer requested Cove on 17 August to apply for the delisting, the London Stock Exchange announced on 18 September the cancellation of admission to trading of Cove's shares on the AIM, PTTEP said.
In a comment from May, Cove's CEO John Craven said the bid represented substantial value for shareholders, while recognising the world-class nature of Cove's assets in East Africa.For its part, the buyer sees the acquisition as an opportunity to leverage its LNG value chain, in line with the group's long-term strategic priorities, CEO Tevin Vongvanich said.PTTEP plans to use existing cash and newly secured debt to finance the takeover, it has said.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Sep 19, 2012|
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