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Thailand's PTTEP Adds A Week To Offer Validity To Buy Cove Energy's Share
=It had obtained 72.14% equity stake of the company by July 25th
Thailand's PTT Exploration and Production (PTTEP), which is trying to take over the UK listed Cove Energy PLC, gave another extension of its offer validity to the shareholders of Cove Energy. PTTEP announced on July 26th to postpone its deadline to purchase the shares to July 31st, which had expired on July 25th.

Since May 23rd when PTTEP made an offer to buy Cove Energy at 240 pence per share, it has extended its offer validity several times. This is the fourth extension.

However, as of July 25th, PTTEP had obtained 72.14% equity sake of Cove Energy, which sharply increased from 0.25% interest it had as of July 13th, the previous closing date of its offer.

As reported, Royal Dutch Shell, the competitor of PTTEP, decided on July 16th to abandon the acquisition of Cove Energy. Since then, no other takeover bidders have emerged until now. Under the circumstances, most of the shareholders of Cove Energy, who had suspended their share trading so far, began to accept PTTEP's takeover bid.
last modified : Fri 03 Aug, 2012 [11:47]
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