An interesting situation at Burren Energy, after Italy's Eni made an agreed £1.7bn offer for the oil explorer.
The deal, which has been brewing for some while, gives Burren investors £12.30 a share in cash. But in the market Burren shares are sitting at £12.46, up just over 9%. There are clearly those who think a rival bid may emerge, with Korea National Oil Company having expressed interest in the past.
City analysts are sceptical however. Seymour Pierce said: "ENI has received irrevocable undertakings from the Burren management in respect of 20.98% of the existing issued share capital of Burren.
"[These] undertakings will only cease to be binding if a competing offer of at least £13.20 a share is made by a third party. We suggest that this is unlikely, given that we maintain a fair acquisition value for the company at between £12 and £12.50 a share."
