On October 9, 2007, Eni announced that an indicative offer proposal of 1050 pence per share in cash had not been accepted by the Board of Burren and that it continued to seek limited due diligence, irrevocable undertakings from key shareholders and a recommendation from the Board of Burren prior to making a formal offer to all shareholders.
After a number of discussions between Burren and Eni, it has become clear that we are unable to reach agreement on the key terms of a recommended offer.
For the purposes of Rule 2.8 of The City Code on Takeovers and Mergers, Eni, reserves the right to make or participate in an offer or possible offer for Burren within the six months following the date of this announcement: (i) with the agreement or recommendation of the Board of Burren; (ii) if any announcement is made by or on behalf of Burren or by a third party relating to the making of an offer or possible offer for Burren; (iii) upon the announcement by or on behalf of Burren of a "whitewash" proposal (as defined in the Code) or of a reverse takeover (as defined in the Code); or (iv) if there is a material change in circumstances.
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