The board of Lamprell has received a combined non-binding indicative all cash offer to acquire the entire issued and to be issued share capital of the company from Blofeld Investment Management and Al Gihaz Holding Company.
This latest development follows on from a non-binding indicative cash offer from Blofeld to acquire the entire issued and to be issued share capital of the fabricator.
Lamprell’s board has evaluated the possible offer together with its financial adviser, Investec Bank, with regard to the company’s current liquidity needs as set out in the company’s announcement on 24 June.
The board has concluded that should a firm offer be made on the same financial terms as the possible offer it would be minded to recommend it to Lamprell shareholders, subject to the agreement of other customary terms and conditions and subject to agreement of the proposed bridging loan.
The joint bidders have a combined shareholding of 44.24% in Lamprell.
Blofeld and Al Gihaz are working as fast as possible to put forward the possible offer for the entire issued and to-be-issued share capital of Lamprell at a price of 9 pence per ordinary share which also includes a proposed secured bridging loan with a peak aggregate amount of $145m.