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Ophir agrees to be bought by Indonesia's Medco for $511 million

Staff Writer |
The boards of Medco, Medco Global and Ophir announced that they have reached agreement on the terms of a recommended acquisition pursuant to which Medco Global will acquire the entire issued and to be issued ordinary share capital of Ophir (other than any ordinary shares held by Ophir in treasury).

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It is anticipated that the Acquisition will be implemented by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.

The Acquisition values the entire issued and to be issued share capital of Ophir at approximately £390.6 million.

The Acquisition represents a premium of approximately:

- 65.7 per cent to the closing price of 33.20 pence per Ophir Share on 28 December 2018 (being the last Business Day before the announcement of Medco’s possible offer for Ophir);

- 61.2 per cent to the volume weighted average share price for the one-month period ended 28 December 2018 (being the last Business Day before the announcement of Medco’s possible offer for Ophir) of 34.13 pence per Ophir Share; and

- 43.3 per cent to the volume weighted average share price for the three-month period ended 28 December 2018 (being the last Business Day before the announcement of Medco’s possible offer for Ophir) of 38.38 pence per Ophir Share.


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