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Lamprell PLC - United Arab Emirates-based provider of oil field services - Notes that it received a combined non-binding indicative all cash offer to buy its entire issued share capital on June 24. The offer is from Blofeld Investment Management and Al Gihaz Holding Co. Both companies have a combined stake of 44% in Lamprell. The offer values Lamprell at 9 pence per share and includes a proposed secured bridging loan with a peak total amount of $145 million.
Evaluates the offer with its financial advisor Investec Bank PLC. Intends to recommend the offer to its shareholders should a firm one be made.
Lamprell started considering a takeover in June due to its liquidity position and funding requirements of $75 million.
Current stock price: suspended at 9.00 pence
12-month change: down 80%
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