first_img Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap Wellstream up as GE confirms £800m offer Tags: NULL Monday 13 December 2010 9:25 pm KCS-content whatsapp Share SHARES in oil services group Wellstream jumped 5.8 per cent to 790p yesterday after General Electric confirmed its £800m takeover offer.GE offered a total of 786p per share for the Newcastle-based firm, six pence above its original offer. The bid leaves Wellstream’s directors in line for a £22m windfall.Wellstream’s directors own 2.8 per cent of the company’s shares, which GE will buy at a 29.1 per cent premium to the closing price before the news of bid interest. Chairman John Kennedy stands to gain the most, making £18.4m from his 2.3 per cent stake. Wellstream declined to comment on whether the board members will remain with the company once it is absorbed into GE’s Italy-based oil and gas division.GE will take over Wellstream’s manufacturing plants in both Newcastle and Niteroi in Brazil. Wellstream said its advisers, Credit Suisse and Rothschild, believe the deal is fair, and has recommended that shareholders accept the takeover.“[T]he logic and desire of the GE bid seems greater than the desire or financial resources of other potential bidders, with the possible exception of National Oilwell Varco,” said Keith Morris of Evolution Securities. Show Comments ▼ whatsapplast_img read more