Ophir Energy's Board Rejects Medco's Takeover Proposal
London-based Ophir Energy plc has rejected Indonesian oil and gas company PT Medco Energi Global PTE Ltd (Medco)’s takeover offer, Ophir announced Jan. 14.
The potential all-cash deal was reported on by Rigzone Jan. 2.
At the time, Wood Mackenzie’s research director Angus Rodger called the offer “a bold move by Medco” and would create a “Southeast Asian upstream powerhouse.”
Neither company gave any specified amounts or details regarding the transaction.
However, on a company statement posted on Ophir’s website dated Jan. 11, it said Medco submitted a revised proposal Dec. 20 of 53.8 pence per Ophir ordinary share.
In a separate company statement posted on Ophir’s website dated Jan. 14, it said Ophir’s Board had unanimously rejected the proposal as it undervalues Ophir.
The announcement was also made by Ophir without the approval of Medco or Medco Global, the statement said.
As previously stated, Ophir said Medco must make an offer or announce it won’t be making an offer by Jan. 28.
WHAT DO YOU THINK?
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.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- I Squared Eyes Full Ownership of Europe Gas Storage Firm
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension