Tenaz Energy in all-share deal for oil producer SDX

Tenaz Energy

25/05/2022 10:09

LONDON, May 25 (Reuters) - London-listed oil producer SDX
 SDX.L  has agreed to an all-share takeover by Canada's Tenaz
Energy  TNZ.TO , the companies said on Wednesday.
    Egypt-focused SDX's shareholders would receive 0.075 Tenaz
shares for each SDX share, leaving them with about 36% of the
combined group if they agree to the proposed deal.    
    The deal would value SDX at about 21.4 million pounds ($26.8
million), representing a 24% premium to the AIM-listed company's
 May 24 closing price of 0.0825 pounds per share, the goups
said.
    Shareholder meetings are expected to take place in July.
($1 = 0.7980 pounds)

 (Reporting by Shadia Nasralla
Editing by David Goodman)
 ((Shadia.Nasralla@thomsonreuters.com; Reuters Messaging:
Reuters Messaging: shadia.nasralla.reuters.com@reuters.net))