Gulf set to lift offer for Clyde
Tuesday 04 February 1997
Gulf was in last-minute discussions with Deutsche Morgan Grenfell, its adviser, yesterday at which chief executive, JP Bryan, is understood to have argued against the sort of increase that might be required to gain the support of some of Clyde's largest shareholders. Some major investors have indicated privately that they would be unhappy to take less than 135p a share for the oil explorer.
The gap between the institutions' expectations and the likely reality of Gulf's final offer sets the scene for two weeks of heavy investor arm- twisting and opens the door for a possible knockout blow from a white knight. It is expected to be a tense conclusion to what has been an acrimonious battle.
Tomorrow will also see Gulf launch a final attack on Clyde's valuation methodology. The main plank of its defence has been an attempt to persuade shareholders that a "going concern" value using its preferred cash flow valuation model would put a price tag on the company of up to 153p.
Gulf has consistently dismissed Clyde's numbers and insisted that its own 105p offer is a full and generous one.
During the bid both sides engaged independent oil industry consultants to add credibility to their claims, which increasingly focused on technical and oil company valuation.
Those arguments are thought to have split Clyde's main shareholders.
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 Doctors remove 80 teeth from boy's jaw
- 3 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
Germany and ECB set for fight over money-printing
Downfall of Dustin 'Screech' Diamond, the 'Saved By The Bell' star charged with bar stabbing
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
Syrian teenager Usaid Barho reveals how he escaped from Isis using a suicide vest
Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
Millions of Britons struggling to feed themselves and facing malnourishment
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Immigrants make UK racist, says Ukip councillor Trevor Shonk
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...