Cove Pushes Shell's $1.8B Offer As Deadline Nears

Law360, New York (May 21, 2012, 4:14 PM EDT) -- British oil driller Cove Energy PLC on Monday urged shareholders to accept a $1.8 billion takeover offer from Royal Dutch Shell PLC, hoping to nudge along the deal for African gas reserves ahead of Wednesday's deadline.

Cove's board repeated its endorsement, likely hoping to head off a bidding war for the company after it found even bigger gas discoveries on its exploration license in Mozambique. Earlier this month, Cove announced a new gas find that boosted its recoverable reserves by 66 percent and could spark a...
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