Transmeridian Exploration signs deal to go private at $3 per share |
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Published
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Mon, 31 Dec 2007 14:36
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BOSTON (Thomson Financial) - Transmeridian Exploration Inc. said Monday that it has signed a deal to go private with Trans Meridian International Inc. ('TMI'), under which TMI will purchase all outstanding shares of Transmeridian for $3 a share in cash.The purchase price represents a 114% premium over Transmeridian's $1.40 closing price on Friday.Transmeridian, a Houston-based oil and natural gas explorer, said the transaction implies an enterprise value of about $825 million.No details were given on a closing date for the deal.Shares of Transmeridian rocketed 61% to $2.25 on volume of 62,000 in premarket trading.Greg Saulniergs/pcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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