Serica Energy plc said the merger offer from smaller rival Kistos plc would “negatively impact” the combined entity’s balance sheet and growth potential. OPPORTUNISTIC In a detailed statement issued today, the company listed reasons why it had rejected the Kistos offer. Serica said it would be “materially undervalued” and that the proposed merger would not […]
Tag: merger
Serica rejects £1bn merger offer from Kistos
Serica Energy plc said it had rejected a proposed £1bn merger comprising cash and shares of its North Sea oil and gas assets with smaller rival Kistos plc. OFFERS “The proposed terms are the same as the terms outlined in a possible non-binding offer made by Kistos on 24 May 2022 that was rejected by […]
Tullow-Capricorn to merge
Tullow Oil plc and Capricorn Energy plc have announced plans for a recommended all-share merger to create one of the largest energy companies in Africa. TERMS In a joint statement today, the companies added that Capricorn shareholders would receive 3.8068 new Tullow shares for each Capricorn share held. This would see Capricorn shareholders owning 47% […]
Premier-Chrysaor merger to form Harbour Energy
Chrysaor Ltd and Premier Oil plc’s proposed reverse takeover will result in a new name for the combined companies of Harbour Energy plc. Harbour will be the largest London-listed independent oil and gas company by production and reserves. The board will comprise 11 directors, including six independent non-executive directors (NEDs), two NEDs appointed by funds managed […]
Premier Oil creditors support proposed Chrysaor merger
Premier Oil plc said it had received support from each class of its creditors for the offshore company’s proposed merger with Chrysaor Holdings Ltd. The creditors have entered into a binding support letter for the deal which will also see a reorganisation of Premier’s existing financial arrangements. In October 2020, Premier announced the proposal following […]