Source: www.gulfoilandgas.com 3/19/2012, Location: Africa
Further to the recent movement in Wessex’s share price, Total confirms that it has made an approach to Wessex regarding a possible cash offer for the entire issued and to be issued share capital of Wessex at a price of 10 pence per ordinary share (assuming that all outstanding options and warrants are exercised).
The Board of Directors of Wessex has confirmed that in the absence of a higher competing offer and subject to shareholder consultation it would currently be minded to give its recommendation should a firm offer be made at this price by Total.
There can be no certainty that any offer will ultimately be made or as to the terms of any offer and Total reserves the right to reduce the offer price with the consent of the Target.
Total notes that in accordance with Rule 2.6(a) of the Takeover Code, Total will have until 5.00pm on 16 April 2012 (or such later time and/or date as may be agreed by the Takeover Panel) to announce either a firm intention to make an offer for Wessex or that it does not intend to make an offer.