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Ocean Finance Loans:
Minmet 'very happy' to recommend 10p a share offer
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Date: Friday 29 Aug 2008
LONDON (ShareCast) - Oil and gas explorer Minmet has received a conditional £9.2m offer to buy the business from NRG Holdings International.
The deal, worth 10p a share, represents a premium of 154% to the closing price on 18 August, the day before the firm said it was in bid talks.
Today’s offer is recommended by Minmet bosses, but remains conditional NRG being satisfied with due diligence, due to be competed in around two weeks.
“Whilst we may have wanted to take Minmet forward with operations in New Mexico, the current state of the markets has rendered this entirely impossible, and there was no chance of adding any value into Minmet without drastically diluting our shareholders,” said chairman Mike Neville.
“This is therefore a fantastic deal for all our shareholders.”
“When John Liwosz and I came on board, our mission was to deliver value for all parties, and we feel that a significant per cent. premium within a few months exceeds most reasonable expectations,” he added.