OSLO (Thomson Financial) - Awilco Offshore ASA said its board has decided to
recommend an 85 Norwegian crown per share takeover bid from China Oilfield
Services Ltd (COS), the country's largest offshore services company.
The deal values Awilco at 12.7 billion crowns, compared to 10.7 billion at
market close on Friday.
"The offer represents a premium of 18.7 percent over the closing price of
Awilco on 4 July and a premium of 42.4 percent over the closing price on 29 May,
the last day prior to Awilco confirming a third party had expressed an interest
in acquiring the company," Awilco said.
Since this expression of interest, analysts have regularly linked COS with
an eventual bid for Awilco.
alastair.reed@thomsonreuters.com
ar/kf1
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