Cove said it would now recommend a new bid from the Thai company of £2.40 for each Cove share held, valuing the company at £1.22 billion, instead of Shell’s £2.20 per share offer, up on its initial offer of £1.95 per share.
Both Cove and PTTEP said the offer price represented an enterprise value between US$2.48 and US$5.18 per barrel, based on an estimated recoverable gas resource of between 24 trillion and 50 trillion cubic feet in the Mozambique Rovuma Offshore Area 1 discovery.
Cove
