Listed in both London and Toronto, Addax this week announced it had entered into a ?”definitive agreement”with Sinopec International Petroleum E&P Corporation (SIPC) under which the Chinese giant has offered to acquire all outstanding equity of Addax through a negotiated takeover for C$52.80 per share.
Addax said its board was recommending the proposed deal.
SIPC, a wholly-owned subsidiary of Sinopec, has offered to pay what represents a 47% premium to the closing market price on the Toronto Stock Exchange on ?5 June 2009, the day before Addax's public announcement that it was in preliminary talks.
Although
