Shares in offshore oil and gas charter vessel company Miclyn Express have soared almost 10 per cent after a private equity syndicate launched a $150 million takeover bid for the company.
CHAMP Marlin Holdings and SEA6 Limited made a $2.20 per share offer for the remaining 25 per cent stake in the company.
The joint venture partners already own 75 per cent of the company.
Shares in Miclyn Express rose 9.7 per cent to $2.14 on the news on Friday.
Miclyn Express said the acquisition would be conducted as an amalgamation under Bermuda law.
The board of Miclyn Express said the proposal remained conditional and Miclyn shareholders were not required to take any action at this time.
“The company anticipates providing a further update in approximately six weeks time, following completion of the offerors’ due diligence and receipt of the independent financial adviser’s findings,” Miclyn said in a statement.
Miclyn Express provides service vessels to the offshore oil and gas industry across South-East Asia, Australia and the Middle East.
The group charters crew and utility vessels, tugs, barges and coastal survey vessels for oil and gas exploration as well as development and production, project transportation and civil construction.
