Extension granted in Transmeridian acquisition

By Lisa Kerner

Charlotte, N.C., Jan. 31 - Transmeridian Exploration Inc. granted an extension for Trans Meridian International, Inc. to satisfy the financing condition contained in the companies' merger agreement to Feb. 15 from Jan. 31.

The company will have the right to terminate the merger agreement without liability to Trans Meridian International at any time after Feb. 15 if the financing condition is not satisfied, according to a Transmeridian Exploration news release.

Under the agreement, Transmeridian Exploration may solicit competing offers until the financing condition is satisfied.

Trans Meridian International was formed by Transmeridian Exploration's chairman and chief executive officer, Lorrie T. Olivier.

It was previously reported that Trans Meridian International, through a subsidiary, will begin a $3-per-share tender offer to purchase all of Transmeridian Exploration's outstanding shares of common stock.

In the deal, Transmeridian Exploration has an implied enterprise value of some $825 million.

The tender offer is the first step in a going-private transaction in which Trans Meridian International will acquire the entire equity interest in Transmeridian Exploration.

Transmeridian Exploration is a Houston-based independent energy company.

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