26th Aug 2014 08:45
LONDON (Alliance News) - IGas Energy PLC Tuesday said its proposed acquisition of Dart Energy Ltd remains recommended by shareholders but said a report from Deloitte Touche Tohmatsu Ltd has changed its official opinion on the deal due to the drop in IGas' share price.
IGas said Deloitte Corporate Finance Pty Ltd, the adviser to the board of Dart on the IGas offer, issued a report saying that while it still thinks the IGas offer is in the best interests of shareholders, the fall in the IGas share price since its last report on July 21 meant it has changed its official opinion on the deal to "reasonable but not fair."
IGas said the change is not expected to have an impact on the closing timetable for the proposed acquisition of Dart.
The IGas offer for Dart, announced in May, offered GBP117.1 million in shares to Dart shareholders, meaning they will hold around 30.5% of the new company.
IGas shares were flat on Tuesday, quoted at 104 pence. At the time of the offer in May, IGas shares were trading at 130 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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