Cape accepts £332.2m takeover offer from Altrad
The share price for oil services company Cape has shot up following its agreement of terms for a £332.2m takeover deal with French construction equipment giant Altrad. Altrad’s offer amounts to 265p per share, a 46% premium on the company’s closing price on 6 July. Cape’s share price shot up to meet this valuation in the day following. Cape provides maintenance services to industrial clients including oil refineries, offshore rigs, LNG plants and power stations across the UK, Middle East, Australia and Asia.