Hainan Mining's Roc Oil makes offer for Tethys Oil (updated)

Tethys Oil AB

13/09/2024 08:55

(Adds detail in paragraph 2 and 3, share reaction in paragraph
4)
       STOCKHOLM, Sept 13 (Reuters) - 
    Chinese group Hainan Mining's  601969.SS  Roc Oil unit has
made a cash offer to buy Tethys Oil  TETY.ST  in a deal that
values the Swedish company at 1.89 billion crowns ($185
million), a special group of Tethys Oil's board members said on
Friday. 
    The committee, consisting of Tethys Oil's chair and three
other board members designated to evaluate the bid, said in a
statement it recommends shareholders to accept the offer of
58.70 crowns per share.
        The offer represents a premium of 89% compared to the
stock's closing price on Sept. 12, it said. 
  
        Shares in the Swedish group were up 75% at 0752 GMT to
trade at 54.80 crowns.
  
($1 = 10.2599 Swedish crowns)

 (Reporting by Anna Ringstrom, editing by Stine Jacobsen and
Terje Solsvik)
 ((anna.ringstrom@thomsonreuters.com;))