Medco given until January 31 to launch offer for Ophir

Indonesia’s Medco Global has been given more time to decide whether it will proceed with the proposed takeover of Ophir Energy, or not.

“At the request of Ophir, the Takeover Panel has consented to an extension of the deadline for Medco Global to either announce a firm intention to make an offer for Ophir or announce that it does not intend to make an offer for Ophir, until 5.00 pm on 31 January 2019,” Ophir said on Monday.

The parties are in advanced negotiations with a view to agreeing a recommended transaction at 55 pence per Ophir ordinary share in cash, Ophir added.

Medco Global is now required, by not later than 5.00 pm on January 31, 2019, to either announce a firm intention to make an offer for Ophir, or announce that it does not intend to make an offer for Ophir. The previous deadline was 5.00 pm, January 28.

This deadline may be extended further with the consent of the Takeover Panel, at Ophir’s request.

Medco has reserved the right to reduce this possible offer price by the amount of any dividend (or other distribution) which is subsequently paid or becomes payable by Ophir to its shareholders.

Worth reminding, Ophir’s Board in mid-January unanimously rejected Medco’s potential offer of 48.5 pence a share, saying that Medco’s initial offer from October 2018 had been 58.0 pence per Ophir ordinary share.

Ophir owns oil and gas assets in Southeast Asia and has recently lost its rights on the Block R license in Equatorial Guinea which contains the Fortuna Gas discovery after repeated delays to secure the funding for the development.

Offshore Energy Today Staff

 

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