Cove confirms that GAIL are interested in making a bid for the business which clarifies the rumour posted on thesharehub yesterday.
As seen with Bowleven/Dragon – GAIL could walk away but PTT’s offer of 220p still stands firm. It’s unclear whether PTT will up their offer or whether Shell will improve on their 195p bid. It’s likely that PTT will wait until GAIL show their hand.
Interesting and fascinating to watch the bid process unfold.
With takeover fever buzzing – there seems little doubt that there will be further M&A action in the sector to look forward to this year.
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GAIL (India) Limited, 29 February 2012
Press Release – Response to press speculation regarding Cove Energy plc
In respect of the recent press speculation regarding Cove Energy Plc., GAIL confirms that GAIL in association with its partner (“Consortium”) is contemplating joint participation in the formal sale process being run by Cove Energy Plc. However Gail clarifies that at this stage, no decision has been made by the Consortium whether to make an offer for Cove or the price at which any such offer may be made. Therefore, there can be no certainty that the Consortium will make an offer for Cove, or as to the terms of any offer. However, if an offer for Cove were to be made by the Consortium, it would be made in Cash.