Shares in Mytrah Energy were trading 58% higher at
Under the terms of the offer, Mytrah Energy shareholders will receive
The offer represents a premium of 63.6% to the closing price of
"We continue to believe in MEL's potential and believe this offer provides an attractive and certain value for the current MEL independent shareholders", Kathryn Tully of REHL said.
"This offer enables MEL shareholders to realise value today in cash for their shares at a significant premium to the recent historical share price, which, in the Independent MEL Directors' view, has been negatively impacted by sentiment towards the Indian economy and the power and infrastructure sector in particular, as well as by the Company's capital and ownership structure. We believe that, in these circumstances, the Offer is an acceptable outcome for all MEL stakeholders," Mytrah Energy's Senior Independent Director Russell Walls said.
