COASTAL Energy Company, one of the biggest firms listed on the Alternative Investment Market (Aim), yesterday said it has agreed to be acquired by Spanish oil firm Cepsa for about C$2.3bn (£1.36bn) including debt.
Coastal, which is dual-listed in London and Toronto, accepted a cash offer of C$19 per share that placed a 28 per cent premium on Monday’s Canadian close.
“This transaction delivers significant and immediate value to our shareholders,” said Coastal chief executive Randy Bartley. “Our board of directors is unanimous in its view that this transaction is in the best interests of Coastal Energy Company and recommends shareholders vote in favour of this transaction.”
The deal will be completed in early 2014, subject to investor approval. Shares in Coastal, which listed in London in 2006, closed up 23.6 per cent yesterday.