Nov 07 - Recommended Cash Offer by Eni UK Holding Plc, a Wholly-owned Subsidiary of Eni S.p.a., for Burren Energy Plc

Source Press Release
Company ENI S.p.A. 
Tags Deals, Strategy - Corporate
Date November 30, 2007
  • Eni and Burren are pleased to announce that they have agreed the terms of a recommended cash offer to be made by Eni Holding, a wholly owned subsidiary of Eni, to acquire the entire issued and to be issued share capital of Burren.
  • The Offer is 1230 pence in cash for each Burren Share, valuing the entire existing issued share capital of Burren at approximately £1,736 million.
  • The Offer represents a premium of: 

    33.4 per cent. to the closing price of 922 pence per Burren Share on 8 October 2007 being the last Business Day prior to commencement of the Offer Period ; and

             50.6 per cent. to the average closing price of 817 pence per Burren Share for the three month period ended 8 October 2007.

  • Eni Holding has received irrevocable undertakings to accept the Offer from all of the Burren Directors, certain Burren senior managers and certain companies associated with the Burren Directors, in respect of an aggregate 29,600,534 shares, representing approximately 20.98 per cent. of the existing issued share capital of Burren.
  • A Loan Note Alternative will also be made available to Burren Shareholders.
  • The Burren Directors, who have been so advised by UBS, consider the terms of the Offer to be fair and reasonable and intend unanimously to recommend that Burren Shareholders accept the Offer. In providing such advice, UBS has taken into account the commercial assessments of the Burren Directors.
Source: EvaluateEnergy® ©2022 EvaluateEnergy Ltd