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Wentworth Resources PLC on Monday said it agreed the terms of a potential takeover by Etablissements Maurel & Prom SA, a Paris-listed and based oil company focused on the production of hydrocarbons.
The offer is for 32.5 pence per share in cash, valuing Wentworth at around £61.7 million. The offer for Wentworth, a Tanzania-focused natural gas producer, is a premium of around 30% to the closing price of 25.0p on Friday.
Wentworth Resources shares rose 23% to 30.77 pence each on Monday morning in London. Etablissements Maurel shares were 1.2% higher at €4.08 each in Paris.
Wentworth’s directors consider the offer to be ‘fair and reasonable’, and recommend its shareholders vote in favour of the takeover at upcoming court and general meetings.
Wentworth said it expects the deal to complete in the second quarter of 2023.
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