Takeover Bid: Greenland Energy Offers Stock for 80 Mile at 71% Premium

Greenland Energy Company (NASDAQ: GLND) said on Nov. 12 that it has agreed terms for a recommended all-share takeover bid for 80 Mile plc (AIM: 80M), its partner in the Jameson Land Basin in East Greenland. The offer values 80 Mile’s fully diluted share capital at about £74 million and would leave the two shareholder groups with roughly half of the combined company each.

Key takeaways

• 80 Mile holders would receive 0.0079485 new Greenland Energy shares for each 80 Mile share, valuing each at 1.28 pence.
• The price is a premium of about 71% to 80 Mile’s closing price on Sept. 7, 2026, the last business day before the offer period began.
• The deal would be carried out as a UK scheme of arrangement and is governed by the UK Takeover Code.
• Greenland Energy will lend 80 Mile up to £3 million through an unsecured convertible loan for interim funding.

The terms

The 1.28 pence figure rests on Greenland Energy’s closing price of $2.14 on Nov. 11 and an exchange rate of $1.33 to the pound. Because the consideration is all stock, the value moves with Greenland Energy’s share price until closing. Greenland Energy no longer intends to issue warrants to its existing stockholders as part of the transaction.

Term	Detail
Exchange ratio	0.0079485 GLND shares per 80 Mile share
Implied value per 80 Mile share	1.28 pence
Fully diluted equity value	About £74 million
Premium to Sept. 7, 2026 close	About 71%
Pro forma ownership	About 50% each
Bridge funding	£3 million unsecured convertible loan

Why combine

The two companies already share the Jameson Land Basin project, an area of roughly 2 million acres in East Greenland. The bid would put 100% of the licenses in one Nasdaq-listed vehicle and fold 80 Mile’s remaining portfolio into a company the release describes as an energy and critical minerals business.

Funding is the stated driver. Greenland Energy reported $37.4 million of cash and equivalents at June 30, 2026, and says that position, together with its shareholder register and access to financing, would let the combined group fund growth on better terms than 80 Mile could alone. The release says 80 Mile’s operations need sustained capital before they sustain themselves. It also points to savings from removing duplicate corporate functions and the overhead of running a joint venture. Robert Price, Greenland Energy’s chief executive, said the deal builds on the existing partnership and would preserve cash because it is paid in stock.

Approvals and process

Both boards back the transaction. Greenland Energy’s board approved it unanimously and intends to recommend it to its shareholders, while 80 Mile’s independent directors intend to recommend the scheme. Directors on both sides who own shares have given irrevocable undertakings to vote in favor.

Completion needs several approvals:

• 80 Mile shareholders;
• court sanction of the scheme;
• Greenland Energy shareholders;
• admission of the new shares to trading on Nasdaq; and
• applicable regulatory and Greenlandic government consents or confirmations.

Greenland Energy expects to file a Form 8-K with further details and a proxy statement on Schedule 14A. If the scheme route is used, it expects to rely on the Section 3(a)(10) exemption from Securities Act registration for the new shares; otherwise it would file a registration statement.

What to watch

The key test is whether 80 Mile holders accept Nasdaq-listed stock at a premium that depends on where Greenland Energy trades. Watch for the 8-K, the scheme document and the proxy, which should add detail on timetable and conditions.