Cove Energy has switch its recommendation to Thailand’s PTTEP from Shell in a bidding war for the UK-listed company.
PTT has upped its takeover offer to £2.40 for each Cove share held, valuing the company at £1.22 billion ($1.92 billion), sister publication Upstream reported.
Shell had offered £2.20 per share for Cove, garnering the previous recommendation of the takeover target’s board.
Cove’s most coveted asset is an 8.5%
