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LONDON (Alliance News) - UAE Oil Services PLC on Friday confirmed that it is in talks to acquire OBN Group in a share-for-share deal that will be classed as a reverse takeover, in response to a recent rise in its share price.
Shares in UAE are currently suspended as a result of the takeover but closed at 550.00 pence on Friday, having multiplied from just 102.00 pence on Wednesday.
UAE was created for the purpose of buying oil & gas support services and infrastructure companies in the Middle East and North Africa and its potential acquisition of OBN, an oil services company in the United Arab Emirates, fits within the company's remit.
"The terms of the potential acquisition have not been finalised and it remains subject to due diligence, completion of a fundraising and re-listing of the enlarged group on the London Stock Exchange. Accordingly, there is no certainty that it will be completed," UAE Oil Services said in a statement.