Thai Co.’s $1.7B Bid For Cove Energy Trumps Shell Offer

Law360, New York (February 24, 2012, 7:51 PM EST) -- A Thai energy exploration company has one-upped Royal Dutch Shell PLC by proposing a competing bid of £1.1 billion ($1.7 billion) on Friday for London-based oil and gas company Cove Energy PLC, which has interests in a major offshore project in Africa.

The firm intention announcement, made by PTT Exploration and Production Public Co. Ltd., beats the £992.4 million all-cash bid made by a Shell subsidiary on Wednesday. PTTEP's offer values each share of the energy company at 220 pence, versus Shell's proposed 195 pence per...
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