With Slaughter and May advising, PTT Exploration and Production made a late charge to acquire Cove Energy by topping a competing bid from Royal Dutch Shell.
London-based Cove Energy, which controls oil and natural gas assets across several African countries, announced Wednesday that it had accepted a $1.91 billion takeover offer from PTT. The PTT bid trumped the $1.6 billion Royal Dutch Shell bid for Cove in February. Cove’s directors have unanimously recommended that its shareholders accept PTT’s offer, according to a company statement.
Cove is being represented in the matter by U.K. firm Lawrence Graham. A Lawrence Graham spokesman confirmed Slaughter and May’s role in the transaction; the latter firm did not immediately respond to a request for comment.
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