Cove Energy Board Accepts PTT's $2B Takeover Bid

Law360, New York (May 23, 2012, 12:15 PM EDT) -- U.K. oil and gas exploration company Cove Energy PLC, minority owner of a lucrative natural gas project in Mozambique, has accepted a $1.92 billion takeover bid from state-owned Thailand energy company PTT Exploration and Production PCL, Cove said Wednesday.

The PTT offer came two days after Cove's board of directors accepted a $1.76 billion offer from Royal Dutch Shell PLC. In a statement Wednesday, the Cove board withdrew its acceptance of the Shell offer and urged shareholders to approve the PTT bid.

"The bid from PTT...
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