LONDON, May 25 (Reuters) - London-listed oil producer SDX has agreed to an all-share takeover by Canada's Tenaz Energy, the companies said on Wednesday.
Egypt-focused SDX's shareholders would receive 0.075 Tenaz shares for each SDX share, leaving them with about 36% of the combined group if they agree to the proposed deal.
The deal would value SDX at about 21.4 million pounds ($26.8 million), representing a 24% premium to the AIM-listed company's May 24 closing price of 0.0825 pounds per share, the goups said.
Shareholder meetings are expected to take place in July. ($1 = 0.7980 pounds) (Reporting by Shadia Nasralla Editing by David Goodman)