Centrica turns up heat on deal
by admin on Jul.29, 2010, under Uncategorized
Centrica turns up heat on deal
0 Comments | Evening News (Edinburgh, Scotland), July 17, 2009
Byline: NO BYLINE
CENTRICA has pressed ahead with a hostile takeover bid for Scottish oil and gas company Venture Productions, after publishing the details of its offer.
Venture turned down the surprise bid last week, saying it undervalued the company.
In the offer document, made public by Centrica, the utility giant said the 845p per share cash offer provided “a compelling opportunity for shareholders to realise the value of their shares at a time of continuing economic uncertainty and market volatility.”
It added that the bid was part of an intended strategy to limit its exposure to fluctuations in the wholesale gas price.
The final offer, which can only be increased if a rival bidder comes forward, would be funded by banks including the Royal Bank of Scotland and Lloyds banking Group.
