Arab Finance: The Arab Energy Fund has expressed its intention to submit a non-binding offer to acquire up to 20% of Egypt-based offshore marine and oil support services provider Maridive and Oil Services, as per a disclosure.
The potential offer values Maridive shares at between $0.65 and $0.72 each.
The proposed range represents a premium of between 32.3% and 46.5% over the shares’ average closing price during the previous three months. It also reflects a premium of between 42% and 57.3% over the six-month average closing price of $0.46 per share.
The final price may be adjusted based on the outcome of due diligence, which The Arab Energy Fund expects to complete within 60 working days after receiving the required data and information. The period could be extended at the fund’s request, subject to approval from the Financial Regulatory Authority (FRA).
Submitting the offer remains conditional on the successful completion of due diligence, the absence of material adverse changes affecting Maridive or economic and geopolitical conditions in Egypt and the region, agreement on the final price and offer terms, and receipt of the required government and regulatory approvals.
Maridive’s board of directors is set to meet next week to review the potential offer and its terms.
