Lamprell PLC - United Arab Emirates-based provider of oil field services - Potential buyer Thunderball Investments Ltd, a consortium of Blofeld Investment Management Ltd and Al Gihaz Holding Co, says it agrees to make a formal takeover offer for Lamprell. The consortium companies have a combined stake of 45% in Lamprell. The formal takeover offer worth GBP38.8 million confirms the non-binding offer from July 12. It values Lamprell at 9 pence per share and includes a proposed secured bridging loan with a peak total amount of USD145 million. The formal takeover offer will be send to Lamprell shareholders within 28 days from Friday. Lamprell started considering a sale in June due to its liquidity position and funding requirements of USD75 million.
Current stock price: 9.00 pence
12-month change: down 77%
By Tom Budszus; tombudszus@alliancenews.com
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