Seplat Petroleum to Acquire Eland Oil & Gas

In an Oct. 15 research report, Pareto Securities analyst Tom Erik Kristiansen reported that this morning, Seplat Petroleum Development Co. Plc (SEPL:LSE) offered to acquire Eland Oil & Gas Plc (ELA:LSE) for GBp166 per share. "We view it as fair," he added, noting the amount was just above Pareto's target price of GBp160 per share.

The offer, recommended by Eland's board and accepted by holders of 59.9% of the outstanding shares, represents a premium of 28% to yesterday's closing price.

"With the high preacceptance, this will likely be the end of the Eland story as an independent company," commented Kristiansen.

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Disclosures from Pareto Securities AS, Eland Oil and Gas, October 15, 2019

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