Some news coming through on Encore over the last few days. From what I can gather this new North sea oil tax may well have had an adverse effect on the current rumoured takeover offers. Numbers are ranging from 180/ 210p depending on who one speaks to. It would seem that Booth is determined to get fair-value for the share-holders. The thinking now is that any offer circa 250p will secure this company and that the Encore board will further prove up their assets to get fair value. Most brokerages have them as a buy as it is more than likely given the company pronouncements that a sale will be concluded in due course. Of course these things never run smoothly as there are always unforeseen flys in the ointment( North sea oil tax being one of them)
I would expect they could be gone in 3/4 months or so given the fact that it is now being openly discussed between brokers as to who? what? when? Will these rumours be confirmed. It is worth noting that Encore have not poured cold water on the whisperings.