The Board of Burren did not accept Eni's September 28 indicative offer proposal of 1050 pence per share in cash, representing a premium of 29% to the three-month average share price prior to approach.
Eni continues to seek limited due diligence from Burren, irrevocable undertakings from key shareholders and a recommendation from the Board of Burren prior to making a formal offer to all shareholders. Eni reserves the right to waive these pre-conditions to the making of an offer.
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