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Imperial Energy take-out price is 1250p

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Date: Tuesday 26 Aug 2008

LONDON (ShareCast) - Russia-focused oil producer Imperial Energy is finalising terms on a possible agreed offer for the company.

The company expects to recommend acceptance of an offer from ONGC Videsh on the basis of 1,250p per Imperial share. The terms of the potential offer value the whole of Imperial Energy at about £1.4bn.

The announcement confirms speculation, first published in The Times of India in mid-July, that Indian state-controlled Oil and Natural Gas Company (ONGC) is interested in acquiring the company.

The speculation prompted Imperial Energy to confirm it was in talks over a cash offer at 1,290p per share. Subsequently the company revealed it had received a second bid approach, rumoured to be Chinese firm Sinopec.

At Friday’s close, Imperial’s shares were trading at around 1,240p.

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