Bridge Energy approves £103 million takeover

Directors of Aberdeen-based Bridge Energy have approved a £103 million takeover bid from Norway’s Spike Exploration. The deal would see Spike acquire the entire issued share capital of Bridge Energy at a premium of about 41% to Bridge’s share price on its last trading day. Spike Exploration was set up in 2012 with US$300 million backing from Norwegian private equity firm HitecVision.