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Tuesday, 14 October, 2008, 16:20 GMT | more prices >>

Gulf Keystone nod for RAK bid



By Upstream staff 

Algerian-focused explorer Gulf Keystone has recommended a £208 million ($410.9 million) cash offer by soon-to-be-listed United Arab Emirates-based player RAK Petroleum, it said today.

The proposed offer would see Gulf Keystone shareholders receive 74 pence in cash for each share representing a 17.5% premium to the average closing price of 63 pence for the one month period to 5 February.

The deal is to be structured by way of an amalgamation of Gulf Keystone with RAK's Bermudan subsidiary, RAK Bermuda.


Friday, 13 April, 2007, 07:02 GMT  | last updated: Friday, 13 April, 2007, 07:02 GMT

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