BOSTON (Thomson Financial) - Transmeridian Exploration Inc. said Monday that
it has signed a deal to go private with Trans Meridian International Inc.
("TMI"), under which TMI will purchase all outstanding shares of Transmeridian
for $3 a share in cash.
The purchase price represents a 114% premium over Transmeridian's $1.40
closing price on Friday.
Transmeridian, a Houston-based oil and natural gas explorer, said the
transaction implies an enterprise value of about $825 million.
No details were given on a closing date for the deal.
Shares of Transmeridian rocketed 61% to $2.25 on volume of 62,000 in
premarket trading.
Greg Saulnier
gs/pc
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