London-listed independent Soco on 2 April completed the purchase of Houston-based Merlon International for $207mn. This consists of $136mn in cash with the remainder in Soco shares equivalent to 19.75% of Soco’s total issued share capital – around $71mn given Soco’s current market cap of £274mn ($359mn).
Soco’s share price, and thus the value of the deal, has fallen since it was initially announced (at $215mn) last September (MEES, 21 September 2018). (CONTINUED - 327 WORDS)
