Sunny Hill: Petroceltic Takeover Offer Lapses

An all cash offer by Sunny Hill Limited, a company wholly owned by the Worldview Economic Recovery Fund, to acquire the entire issued and to be issued share capital of Petroceltic International plc has lapsed due to insufficient support.

The offer, which required acceptance from 90 percent of the shares not already owned by Worldview by Apr. 14, received acceptance from 54.6 percent of the shares by the closing date. As a result, the proposed takeover will not take place.

Sunny Hill initially made the offer to acquire Petroceltic, at a price of GBP 0.03 ($0.04) per share, March 24. 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

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

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)
 -  Proserv Secures Series of Services Dea... (May 23)
 -  BP Urges Engineers to Apply for Trinid... (May 23)
 -  CGG to Support Oman Industry Workers t... (May 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Senior Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
 
Principal Consultant
Expertise: Business Development
Location: Houston, TX
 
Substation Communication Engineering Intern - Amarillo, TX Job
Expertise: PR / Corporate Communications
Location: Amarillo, TX
 
search for more jobs

Brent Crude Oil : $53.96/BBL 0.35%
Light Crude Oil : $51.36/BBL 0.21%
Natural Gas : $3.209/MMBtu 0.34%
Updated in last 24 hours