Private equity firms offered USD150 million bid for Miclyn
Miclyn Express operates as an offshore oil and gas charter vessel firm. It provides service vessels in the offshore oil and gas industry across Australia, Middle East and South East Asia. Miclyn shares soared around 10% after a private equity syndicate made a USD150 million takeover offer for the company.
CHAMP Marlin Holdings and SEA6 Limited offered USD2.20 a share piece for the remaining 25% stake in the company. The joint venture partners already owned 75% of the company. On Friday, the shares of the oil and gas charter vessel company increased to 9.7% to USD2.14.
Miclyn Express announced that the acquisition would be conducted as a merger under the Bermuda law. Miclyn's board said that the proposal remained conditional and its shareholders were not required to take action at the moment.
In a statement Miclyn said, "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 findings."