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)
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