Medco Raises Offer for Ophir Takeover

Medco Raises Offer for Ophir Takeover
Indonesian company Medco has upped its takeover offer for London-based Ophir Energy.

About a month after Ophir Energy plc’s investors wrote to the company’s CEO saying they were selling Ophir to Medco Energi Global PTE Ltd for too low a price, Medco has increased its offer price.

According to a March 20 statement on Ophir’s website, the boards of Medco, Medco Global and Ophir agreed to an increased all-cash offer of 57.5 pence a share from Medco.

This would make Medco’s takeover offer to be approximately £408.4 million ($539 million USD).

Medco said this is the final offer and the price will not be increased, except “that Medco Global reserves the right to increase the amount of the final offer price if there is an announcement on or after the date hereof of an offer or a possible offer for Ophir by a third-party offeror or potential offeror.”

Medco’s acquisition of Ophir will position it to become a Southeast Asian upstream powerhouse.


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