More offers could emerge for CIC Energy-Analyst

Monday, October 04, 2010

TSX-listed CIC Energy, which was last week thrown into Canadian mining merger and acquisition frenzy with a bid from an unnamed Indian group, may become the target of a bidding war, Salman Partners analyst Mike Plaster said this week.

CIC would not disclose the name of the mystery Indian company that had offered to acquire it for $8,50 a share, or a total of C$450-million, because of a confidentiality agreement.

Plaster said in a research note that it could take a while for any firm offer to materialise, and that there was no guarantee one would, as the Indian conglomerate still had to conduct a due diligence.

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More offers could emerge for CIC Energy-Analyst

TSX-listed CIC Energy, which was last week thrown into Canadian mining merger and acquisition frenzy with a bid from an unnamed Indian group, may become the target of a bidding war, Salman Partners analyst Mike Plaster said this week.