11th Oct 2018 11:54
LONDON (Alliance News) - Chagala Group Ltd said Thursday the cash offer from Realty Invest Holding LLP has now closed with 67% of shareholders accepting the USD2.15 per share offer.
The Kazakhstan-focused oil and gas services firm said Realty Investor received valid acceptances for 14.3 million shares, representing 67% of the company.
Chagala agreed to appoint Borko Moric and Bojan Moric to its board following the acquisition.
Shares in Chagala were untraded Thursday but last closed at USD2.00 each.
Chagala received an acquisition offer of USD2.15 per share as part of a litigation settlement with TIPP Investments PCC.
The offer forms part of the preliminary settlement between the two companies, which was made in the last week of June, and relates to the TIPP-initiated litigation in the Virgin Islands.
TIPP's special purpose vehicle, Realty Invest, made the offer.
The offer price is a 52% premium to Chagala's twelve-month average share price. It is also a 39% premium to the Asian Investment Management Services Ltd offer made in June.