May 7 (Reuters) - XCD Energy Ltd:
- 88 ENERGY AND XCD ENERGY TO MERGE VIA RECOMMENDED TAKEOVER OFFER
- BOARD OF XCD ENERGY UNANIMOUSLY RECOMMEND XCD ENERGY SECURITYHOLDERS ACCEPT IMPROVED OFFERS, IN ABSENCE OF SUPERIOR PROPOSAL
- 88 ENERGY TO ACQUIRE XCD ENERGY VIA TAKEOVER OFFER COMPRISING 2.4 NEW 88 ENERGY SHARES FOR EVERY XCD ENERGY SHARE HELD, AMONG OTHERS
- ENTERED PRE-BID ACCEPTANCE AGREEMENTS WITH 88 ENERGY ON 18.5% OF SHARES ON ISSUE & 6.8% OF LISTED OPTIONS ON ISSUE
- 88 ENERGY TO ACQUIRE XCD ENERGY VIA TAKEOVER OFFER ALSO COMPRISING 0.7 NEW 88 ENERGY SHARES FOR EVERY XCD ENERGY LISTED OPTION HELD
- OFFERS VALUE EQUITY OF XCD ENERGY AT ABOUT $8.9 MILLION
