Shares of Brooge Energy rose after the company received a buyout offer for its business and assets.
The stock was up 28% to $7.03 in after-hours trading, after rising 2.6% at Tuesday’s close. Shares are up 2.6% this year.
The Cayman Islands-based oil-storage company said Gulf Navigation Holdings, a Dubai-based maritime and shipping company, had submitted a bid to acquire fully all of Brooge’s businesses and assets.
The company didn’t give the terms of the bid, and said GulfNav is in the process of conducting due diligence.
Brooge said it hadn’t yet responded to the offer and couldn’t guarantee it would accept the proposal.
GulfNav was optimistic the transaction could close by the fourth quarter, according to Brooge.
GulfNav said the deal was meant to help grow its logistical services related to oil and gas.