Ophir says Medco cut possible offer price after key Africa licence lost
Jan 11 (Reuters) - Ophir Energy said Indonesia's
Medco Energi International cut its possible cash offer
for the British firm after it lost a liquefied natural gas
project in Africa's Equatorial Guinea.
Medco said on Friday that shareholders of Ophir, an upstream
oil and gas exploration and production company focused on Asia
and Africa, would receive 48.5 pence in cash for each Ophir
share, valuing the company at 340 million pounds.
Medco had made an unsolicited approach at an offer price of
58 pence per share on Oct. 22, Ophir said, before submitting a
revised proposal on Dec. 20 of 53.8 pence per share following
Ophir's failure to secure a licence on the African project and a
decline in oil prices.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by
First Published: 2019-01-11 13:21:50
Updated 2019-01-11 16:10:02
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