Sound Energy eyes Angus Energy for possible takeover
Angus Energy confirmed that it has received a possible offer for takeover today by Sound Energy today, following six advances.
CEO George Lucan said in a statement: “We will proceed with our formal sales process, without preference to any party and with confidentiality afforded to those parties who wish to enjoy it, as previously advised to the market and in order to secure the maximum value for our shareholders.”
The energy firm has secured “at least six bona fide” approaches in the sale process so far, which saw its share price jump yesterday.
The energy company has been scouting for buyers since undergoing a strategic review of the business earlier this month.
CEO George Lucan said: “We are pleased with the expressed level of interest in the Company or in its principal asset and will proceed with our formal sales process with due professionalism, expediency and confidentiality to achieve the best possible result for all of Angus’ shareholders.”
Angus said it will evaluate each approach and announce a firm proposal in due course, but that it will not identify which companies are interested in the takeover.
The review had prompted investors to snap up some of the stock, which pushed its share price up nearly a third just weeks ago.
In a statement, the company said at the beginning of January that a “valuation mismatch”, which it says are experienced by “many other smaller energy companies”, has resulted in a series of approaches for the company and its 51 per cent interest in the Saltfleeby Gas Field asset.