Tenaz Energy in all-share deal for oil producer SDX

LONDON (Reuters) – London-listed oil producer SDX has agreed to an all-share takeover by Canada’s Tenaz Energy, the companies said on Wednesday.

Egypt-focused SDX’s shareholders would receive 0.075 Tenaz shares for each SDX share, leaving them with about 36% of the combined group if they agree to the proposed deal.

The deal would value SDX at about 21.4 million pounds ($26.8 million), representing a 24% premium to the AIM-listed company’s May 24 closing price of 0.0825 pounds per share, the goups said.

Shareholder meetings are expected to take place in July.

($1 = 0.7980 pounds)

(Reporting by Shadia Nasralla; Editing by David Goodman)