ADES International Holding PLC - MENA-focused drilling oil and gas wells company - Accepts cash offer from Innovative Energy Holding Ltd, which values the company at USD516 million.
Innovative Energy is jointly owned by ADES Investments Holdings Ltd, Public Investment Fund of Saudi Arabia and Zamil Group Investment Co.
Under the offer, Innovative Energy will acquire ADES International for USD12.50 per share, reflecting a 40% premium to the company's closing price on Friday last week at USD8.95.
The acquisition is conditional on Innovative Energy gaining valid acceptances from shareholders of no less than 57% of ADES shares not owned by ADES Investments and Zamil, and any antitrust clearance required being received.
Once the acquisition is completed, ADES will delist from the London Stock Exchange.
Current stock price: USD11.90, closed up 33% on Monday
Year-to-date change: up 19%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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