11th Dec 2024 07:17
BP PLC - London-based oil major - Tells holders of its American depositary shares that they should reject an offer for their shares from TRC Capital Corp, citing a below-market offer price and "disadvantageous" terms. BP says it is "in no way associated with TRC" and the mini-tender offer is unrelated to its own share buyback programme. TRC is offering to buy 4.0 million ADSs of BP at USD27.95 per ADS, according to BP, saying the offer was launched back on November 19 but it was only informed this week. The price offered by TRC represented a 5.0% discount to the ADS price the day before of USD29.42. They closed on Tuesday in New York at USD30.10. Each ADS represents six BP shares, so 4.0 million ADSs would represent 24.0 million shares, a 0.1% stake.
Current stock price in London: 395.05 pence
12-month change: down 15%
By Tom Waite, Alliance News editor
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