Cadogan Confirms Interest in Ascent Resources
Cadogan Petroleum plc confirmed Tuesday that it has made a “highly preliminary approach” regarding a possible combination with Ascent Resources plc, following a report March 24 from Ascent indicating Cadogan’s interest in the company.
Following Cadogan’s confirmation of a possible takeover, the company was quick to state that there can be no certainty that an offer will be made for Ascent or as to the terms of any offer. Under Rule 2.6(a) of the UK City Code on Takeovers and Mergers, Cadogan will have to either announce a firm intention to make an offer or not for Ascent by no later than April 21. This deadline can, however, be extended with the consent of the UK Takeover Panel.