China Oilfield Services Limited (COSL) has made a cash tender offer for Awilco Offshore ASA (AWO) of NOK 85/share. The offer represents a premium of 18.7% over Friday’s close.
AWO’s Board of Directors has decided to recommend the offer, and the complete details of the offer will be sent in an offer document to AWO shareholders next week (week 29). The offer is expected to close in September or October 2008, subject to the conditions of the offer being fulfilled or waived.
Oslo Børs will - if and as soon as 90% acceptance has been reached – remove AWO from the OBX. However, Oslo Børs will continuously monitor the liquidity in AWO and may remove AWO from the OBX earlier if the liquidity becomes insufficient for OBX inclusion (i.e. low free float/difficult stock lending). In case of AWO removal from the OBX, no new constituent will be included until the next semi-annual rebalance in December 2008.
