JAKARTA (TheInsiderStories) – British energy producer, Ophir Energy Plc finally agreed on PT Medco Energi International Tbk (IDX: MEDC)’ offers, after months of negotiations. The acquisition value agreed is 57.5 pence for each share, higher than what it was previously proposed.
The increased offer values the entire issued and to be issued share capital of Ophir at approximately £408.4 million (US$310.38 million), according to the official statement.
“At the Court Meeting, a majority in number of scheme shareholders, who voted who together represented over 75 percent of the voting rights of scheme shareholders on Ophir’s register of members at the voting record time. The resolution was accordingly passed,” said Ophir management.
Medco will acquire 57.5 percent of Ophir’ shares. It is also higher than the previous recommendation at 55 percent. It is expected that the acquisition will become effective in the first half of 2019.
In the voting on the resolution, 75.14 percent attended the vote. Among those, 89.61 percent accepted. Meanwhile, the voting on the special resolution that approves the scheme, including the amendment to Ophir’s articles of association, was agreed by 89.5 percent.
The acquisition is expected to strengthening both countries position in Southeast Asia. Ophir has some assets in Indonesia, Thailand, Myanmar, Malaysia, and else.
But it remains subject to other conditions, including the receipt of clearances from the relevant authorities in Tanzania. Moreover, Ophir will not be losing all or substantially all of its Bualuang interests in Thailand.
The negotiation between Ophir and Medco has been quite a tug. Ophir several times rejected Medco’ offer which proposed for a lower value.
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