UAE: Lamprell in Talks with MIS Over Possible Takeover Bid

UAE-based MIS Group , a diversified engineering and contracting group focused on the energy sector, made the following statement today:

“Lamprell plc, a company quoted on the London Stock Exchange, issued the following announcement this morning:

Lamprell plc – Possible Offer for Maritime Industrial Services Co. Ltd. Inc

“Lamprell plc notes the recent press speculation regarding Maritime Industrial Services Co. Ltd Inc (“MIS”). Lamprell confirms that it has entered into a letter of understanding with MIS in respect of a potential offer to purchase 100% of the shares in MIS at a price of NOK 38 per share, but discussions with MIS are at a very preliminary stage.

Any potential offer remains subject to the fulfilment of a number of conditions, including the satisfactory completion of due diligence. Therefore there can be no certainty that an offer will be made. It is anticipated that any offer that is made would be financed from an issue of equity to Lamprell’s shareholders and new debt facilities.

A further announcement will be made if appropriate.”

MIS confirms that Lamprell plc is the party referred to in its announcement of 4th April concerning a potential transaction.

[mappress]

Source:MIS , April 7, 2011; Image: