The Board of cash-strapped Middle East shipyard Lamprell said it would likely recommend acceptance a takeover offer by its largest shareholders provided the terms are the same as “possible offer” that has been put forward.

On 24 June London-listed Lamprell revealed serious liquidity issues and that shareholders Blofeld Investment Management had made a bid for the company.

In an update on the potential offer Lamprell revealed that Blofeld, along with Al Gihaz Holding Company, which hold 44.24% of the company had put forward a possible of 9 pence per share the entire issued, and to be issued, share capital of Lamprell with a bridging loan of a peak aggregate amount of $145m.

“The Board has concluded that should a firm offer be made on the same financial terms as the Possible Offer it would be minded to recommend it to Lamprell shareholders, subject to the agreement of other customary terms and conditions and subject to agreement of the proposed bridging loan,” Lamprell said.

The joint bidders need to announce firm intention to make an offer by 5pm (BST) on 22 July

Source: Seatrade Maritime News