28th May 2020 15:10
(Alliance News) - Seafox International Ltd on Thursday backed out of attempts to acquire Gulf Marine Services PLC, after more than half of the oilfield services firm's shareholders said they would not accept a bid.
Seafox said that after "careful consideration", it no longer intends to make an offer.
Seafox first announced its intention to make a bid for Gulf Marine back in April. The oil & gas services firm soon after said it received a USD0.09 per share offer, which valued Gulf Marine at about USD31.5 million.
Gulf Marine shares were 11% lower at 8.92 pence each in London on Thursday afternoon, giving it a market capitalisation of about GBP31.3 million.
Noting Seafox's Thursday announcement, Gulf Marine said: "The board of GMS is grateful for the clear and strong support it has received from the company's shareholders, banks and other stakeholders over the last few weeks and looks forward to continuing to work with all parties on the continued successful development of GMS."
Last Thursday, Gulf Marine said it received a letter of intent from shareholders Haasco Ltd confirming their intention to not accept a Seafox bid. It meant that Gulf Marine received letters from 15 shareholders, collectively holding a 52% stake.
By Eric Cunha; [email protected]
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