Shares in Wentworth Resources PLC (AIM:WEN) jumped over 30% on Monday following news of its acquisition by French oil firm Etablissements Maurel & Prom S.A. (M&P) for a 30% premium at 32.5p per share.
The acquisition valued the entire issued and to-be-issued ordinary share capital of Wentworth at approximately £61.7mln.
The board of Wentworth is pleased to recommend the acquisition by M&P which represents a substantial premium to Wentworth's prevailing share price and offers an opportunity for our shareholders to realise this value in the near term for cash,” said Wentworth’s chairman Tim Bushell in a statement.
Wentworth shares were changing hands at 33p near the close of Monday’s trading session, 40% higher in the year-to-date.