New suitors line up for CIC Energy
Yesterday, reports emerged indicating that GMR Group, an Indian energy and infrastructure enterprise, is offering between US$8.50 and US$8.85 per share for CIC Energy, valuing the company around US$500 million (P3.38 billion).
In addition, another unnamed Chinese company is reportedly preparing a bid for CIC Energy, due to be unveiled by October 30.
The two bids come as CIC Energy and the “multi-billion Pula Indian conglomerate” – which has been widely identified as JSW, are bound to an exclusivity period expected to last a number of weeks. Under the agreement, CIC Energy will not solicit, initiate or encourage submission of further offers or participate in negotiations with parties other than JSW.
The Indian conglomerate – whose offer of 7.75 Canadian Dollars (US$7.60/P50) per share is below the latest offers – is presently conducting a [continue reading]