Salamander Backs Ophir Takeover Offer

Reuters

LONDON, Nov 24 (Reuters) – British oil and gas explorer Ophir Energy said its 267 million pound ($418 million) takeover of Salamander Energy had been recommended by the target firm's board, putting the deal on track to complete by the end of March 2015.

Ophir offered to buy Salamander on Friday, proposing 0.5719 shares for every Salamander share in a deal which would leave Salamander shareholders owning around 21 percent of Ophir.

"The board of Salamander unanimously believes that the Ophir offer represents an attractive opportunity to participate in an enlarged African-Asian exploration and production company with a strong balance sheet and enhanced operating capability," Salamander's chairman Charles Jamieson said on Monday.

The agreed deal follows several weeks of speculation around Salamander before rival bidder Spain's CEPSA walked away earlier in November. (1 US dollar = 0.6383 British pound)

(Reporting by Sarah Young, Editing by Paul Sandle)

 

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Director Downhole Tool Engineering
Expertise: Electrical Engineering|Engineering Manager|MWD / LWD
Location: Houston, TX
 
Senior Land Professional Job
Expertise: Landman|Lease Analyst
Location: Oklahoma City, OK
 
Surface Land Professional Job
Expertise: Landman|Lease Analyst
Location: San Antonio, TX
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours