LONDON, May 25 (Reuters) – London-listed oil producer SDX (SDX.L) has agreed to a full takeover by Canada’s Tenaz Energy (TNZ.TO), the companies said on Wednesday.
Egypt-focused SDX shareholders would receive 0.075 Tenaz shares for each SDX share, leaving them with approximately 36% of the combined pool if they accept the proposed deal.
The deal would value SDX at around 21.4 million pounds ($26.8 million), a 24% premium to the AIM-listed company’s closing price of 0.0825 pounds per share on May 24, the groups said.
General meetings should take place in July.
($1 = 0.7980 pounds)
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Reporting by Shadia Nasralla Editing by David Goodman
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