Royal Dutch Shell is ploughing on with its bid for Cove Energy, extending the offer period, even though less than one-twentieth of Cove's shareholders have so far accepted the offer.
As at 13:00 on June 13th, Shell's 229p a share offer had received acceptances in respect of around 4.84% of the issued share capital of Cove. The Anglo-Dutch oil giant's offer was announced on April 24th and was backed by the Cove Energy board but since then the bid has been trumped by Thai oil firm PT Exploration and Production Public (PTTEP), which is offering 240p per share. Not surprisingly, the board of Cove is now recommending acceptance of the PTTEP offer.
The offer period has now been extended until 13:00 on June 27th.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
JH
-
Five things not to put in a willThere are many things to consider when writing a will. But what about things NOT to put in a will? We spoke to legal experts who told us about what you should leave out of a will.
-
Autumn Statement: Households still face an extra £4,000 tax bill despite NI cuts
News Autumn Statement tax give-aways will be offset by fiscal drag, the Resolution Foundation warns
