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Jul 24, 2012, 04.02 PM IST
Canada's CIC Energy Corp said it received an all-cash offer from Jindal Steel & Power for C$2 per share, valuing the company's equity at C$116 million.
The offer price for CIC Energy represents a premium of 27 percent over Monday's closing price of C$1.57 on the Toronto Stock Exchange. "In the current challenging economic and capital markets environment, we believe that this offer provides fair value for CIC Energy shareholders," CIC Energy Chief Executive Warren Newfield said. Both CIC Energy and Jindal have agreed to pay a termination fee of about C$3.5 million to each other if the deal is not completed in certain circumstances. CIC Energy said the board recommends shareholders accept the deal.
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