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Serinus Energy PLC on Monday said it agreed to a takeover offer by Xtellus Capital Partners Inc, a New York-based broker dealer and specialist investment bank.
Serinus, a Romania and Tunisia-focused oil and gas explorer and developer, said the offer values it at £5.1 million, or about 3.40 pence each, or 31% higher than its closing price of 2.6p on Friday. Serinus recommends shareholders to vote in favour of the takeover at a general meeting that is yet to be announced.
Serinus Energy shares shot up 26% to 3.29 pence each on Monday afternoon in London, giving it a market capitalisation of £4.9 million.
Serinus expects the takeover to become effective in the second quarter of 2025. It is subject to approval by the National Agency for Mineral Resources in Romania, among others.
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