Shell and Thailand's PTT face penalty shoot-out in battle to land Cove Energy
After five months without scoring that decisive goal, the match between Shell and Thailand's PTT for the trophy that is the oil explorer Cove Energy is hurtling towards a penalty shoot-out.
With both sides failing to declare a final offer in their bidding war for the Mozambique-focused oil company, the City's deal referee, the Takeover Panel, took the rare step yesterday of saying it would blow the final whistle at 5pm on Monday.
The panel's decision gives both sides until then to revise their offers, if they want to, and declare them final. If they do not, a penalty shootout-style auction process kicks in on Tuesday morning. If they choose to participate, this would permit Shell and PTT to submit revised bids on a daily basis, although each revision would need to be a reaction to a change to the competing offer. Shell and PTT have been engaged in a long-winded bid battle for Cove Energy since February, when the FTSE 100 oil giant agreed a deal to buy the company for £1bn.
However, PTT came in with a higher offer soon after and the two parties have been raising their bids and extending their offer periods for shareholders ever since. Shell extended its £1.12bn offer for Cove Energy for a third time yesterday to 25 July after it was accepted by just 3.27 per cent of shareholders. PTT's £1.22bn offer, which has been accepted by less than 1 per cent of its investors, was due to expire yesterday.
- 1 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 2 Pub landlord captures moment customer falls over on CCTV – just like Del Boy did on Only Fools and Horses
- 3 Top Gear: Jodie Kidd, Philip Glenister and Guy Martin 'in advanced talks' to join show
- 4 Frankie Boyle on Scottish independence: 'In the Interests of Unity, F**k Off'
- 5 How to gain confidence and maximise your sexual potential
Boston Marathon runner's search for mystery man she kissed ends with letter from his wife
Frankie Boyle on Scottish independence: 'In the Interests of Unity, F**k Off'
Italian police 'reveal' what Jesus looked like as a young boy
Mysterious 'X-Files' sounds heard miles above the Earth
Met Gala 2015: Beyoncé manages to out-skimp Rihanna, Miley and Kim Kardashian combined with near-naked ensemble
In defence of liberal democracy
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
Andy McSmith's Sketch: Feisty audience is the real star of an enlightening show
iJobs Money & Business
£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...
£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...
£215 per day: Ashdown Group: Junior Project Manager (website, web application ...
£40-50K: Guru Careers: We are seeking an experienced Software Engineer / Softw...