Trinity Exploration & Production (GB:TRIN) has released an update.
Trinity Exploration & Production has agreed to a recommended cash acquisition by Lease Operators Limited, valued at 68.05 pence per share, significantly outperforming a competing offer from Touchstone, which valued Trinity shares at 51.0 pence. The acquisition is proceeding following the satisfaction of regulatory conditions and is now subject to shareholder and court approval. Trinity intends to withdraw from the Touchstone scheme and move forward with Lease Operators’ offer, with a court hearing scheduled for the formal withdrawal.
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