Friday, February 24, 2012

Shell offers a significant premium for Cove

Shell has offered to acquire Cove Energy Plc, a British oil and gas explorer, for approximately $1.6 billion within one and a half months after Cove Energy was put up for sale. Shell subsidiary Shell Bidco has offered £1.95 per (US$3.08) Cove share, valuing the company at £992.4 million (~US$1.57 billion). After accounting for Cove’s working capital surplus of $172.8 million, the deal value comes to ~$1.4 billion.  Continue reading here..

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