Black Sea Global Properties, controlled by Romanian billionaire Dinu Patriciu, has unveiled an improved cash offer for the share capital of Rutley European Property.
Black Sea Global Properties, controlled by Romanian billionaire Dinu Patriciu, has unveiled an improved cash offer for the share capital of Rutley European Property.
The board of Black Sea Global Properties made a 6 pence per share offer, totalling £12.5 mln, in June 2009. Following discussions between Black Sea and Rutley, an enhanced 7.25 pence offer for each Rutley share was presented on Thursday.
The enhanced offer values the issued redeemable preference share capital of Rutley at approximately £15,2 mln. This would give Rutley an enterprise value of £449,2 mln, including net debt of approximately £434.02 as at end-December 2008.
In a statement, Black Sea said the new offer represented a 21% premium on its offer in June, and a 150% premium to the closing price of 2.9p per Rutley share on 27 March 2009, the day before Rutley revealed it had received approaches.
The directors of Rutley confirmed on Thursday that they are no longer in discussions with any other parties with regard to a potential offer.
