Brooge Energy (BROG) Announces Acquisition Proposal from its Majority Shareholder

August 17, 2022 5:00 PM EDT

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

Brooge Energy Ltd, (NASDAQ: BROG), a Cayman Islands-based energy infrastructure service provider, which is currently engaged in clean petroleum products, biofuels, crude oil storage, and related services, today announced that its majority shareholder, BPGIC Holdings Limited (“Holdings”), has expressed an interest to acquire all the shares of the Company that it does not currently own and to take the Company private.

The Board of Directors of the Company is considering the proposal and will be entering into substantive negotiations. Any transaction, if entered into, will be subject to the receipt of a fairness opinion and approval of the Company’s shareholders and bondholders. There can be no assurance that a transaction will be entered into. Furthermore, the Company has contemporaneously filed a Form 6-K reporting that it has concluded its audited financial statements for the years 2018, 2019 and 2020 can no longer be relied upon and the Company is pursuing a restatement of such financial statements.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Mergers and Acquisitions

Related Entities

Crude Oil, Definitive Agreement