Lamprell confirms takeover talks

UAE-based fabricator Lamprell has made a bid for local rival contracting group Maritime Industrial Services (MIS).

Offshore staff

DUBAI, UAE -- UAE-based fabricator Lamprell has made a bid for local rival contracting group Maritime Industrial Services (MIS).

In response to press speculation, Lamprell confirmed that it had entered into a letter of understanding with MIS over a potential offer to purchase 100% of its shares at a price of NOK 38 per share ($7). However, discussions are only at a preliminary stage, it stressed.

Any offer would have to fulfil various conditions, including the satisfactory completion of due diligence. If it does go through, it will likely be financed from an issue of equity to Lamprell's shareholders and via new debt facilities.

04/08/2011-

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