(Alliance News) - RockRose Energy PLC on Monday said it has agreed a GBP247.6 million takeover from energy trading firm Viaro Energy.
The deal values RockRose's shares at 1,850.00 pence each, a 64% premium to its closing price of 1,130p on Friday.
The stock surged 62% to 1,836.00p each in London on Monday.
So far, RockRose's directors and senior managers have backed the deal, they hold a third of the company's shares.
Roughly 2.0% of other RockRose shareholders have supported the takeover.
Executive Chair Andrew Austin said: "After careful reflection, the board of RockRose has concluded that accepting this offer is firmly in the best interests of our shareholders. It has been an exciting journey since RockRose was founded five years ago. However, for the benefit of all stakeholders, now is the time to move on and allow RockRose to continue to flourish with new backers."
By Eric Cunha; ericcunha@alliancenews.com
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