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Ophir Energy rejects buyout offer of Medco Energi

Gasoil News - Published on Wed, 16 Jan 2019

Image Source: Hydrocarbons Technology
Reuters reported that Ophir Energy has rejected Indonesian oil and gas group Medco Energi Internasional Tbk PT's potential buyout offer, saying it undervalues the British energy company. Ophir said its board considered Medco's latest offer and unanimously took the decision to reject it, without giving further details.

Medco has made several overtures for Ophir. Medco, which had made an unsolicited approach to buy Ophir in October last year, said on Friday it could offer GBP 340 million in cash for London-listed Ophir, which has assets in south-east Asia. The Indonesian company's offer of 48.5 pence per Ophir share is significantly lower than its initial offer of 58 pence per share, having already reduced it to 53.8 pence in December.

Under British takeover rules, Medco's fully-owned unit PT Medco Energi Global has until January 28 to make a firm offer or walk away.

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Posted By : Joykumar Irom on Wed, 16 Jan 2019
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