NZOG receives improved takeover offer

New Zealand Oil & Gas has received an improved partial takeover offer from O.G. Oil & Gas (Singapore) Pte. Ltd for the acquisition of 67.55% of each class of the shares in NZOG it does not already hold or control.

The initial offer made by OGOG for the acquisition of shares was made for a price of NZ$0.77 per share on September 19.

According to a statement by NZOG, the improved offer made by OGOG has a 1 cent per share increase over OGOG’s originally announced proposal.

NZOG added that it was unanimously recommending that shareholders accept OGOG’s offer.

If the offer is accepted by shareholders, OGOG will acquire up to 67.55% of NZOG shares for a price of NZ$0.78 per share.

New Zealand Oil & Gas said it would send the offer document, including personalized acceptance forms, as well as a target company statement to shareholders no later than Monday, 16 October 2017.

In its statement presenting a rationale behind the takeover offer, O.G. Oil & Gas has said that its opinion of the NZOG situation was starkly different from the one from Zeta.

The Singapore based offeror said: “Zeta’s recent offer seeks to increase its stake to approximately 53%. Zeta’s view is that NZOG is “essentially a cashbox” that is at a “strategic crossroad.”

“Zeta intends, amongst other things, to pursue the return of NZ$50,000,000 of capital to shareholders and to drive down what it characterizes as excessive and duplicative overheads. We fear this means significant reductions to NZOG’s management team and future capabilities.”

“We see the situation differently. In our view, NZOG is in an enviable position, with the right leadership and sufficient capital to take advantage of this attractive point in the exploration and development cycle.”

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

THE 5TH OIL & GAS VIETNAM 2017

The 5th edition of Oil & Gas Vietnam (OGAV) exhibition 2017 is the only specialized event in Vietnam that brings together an international…

read more >

24th Annual Africa Oil Week 2017

The Conference portraying five days of senior-level executive insights, with rich-content on corporate strategies and portfolio, exposure…

read more >

OTC Brasil 2017

OTC Brasil is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum, Gas and Biofuels Institute (IBP)…

read more >

BLACK SEA OIL AND GAS

Black Sea region continues to impose as a key area for the future of energy in Europe in reaching the diversification of supply and the energy…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you’ll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you’ll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you’ll reach countless professionals in the sector. For more information, click below...

apply