Regal Petroleum accepts Energees' improved bid
Regal Petroleum, the British exploration company, yesterday recommended a takeover by Energees Investments after the investor raised its offer by 58 per cent.
Energees, a bid vehicle controlled by the Ukrainian conglomerate Smart Holding, had initially bid 24p per share for the UK explorer in December. The firm has now offered 38p a share in cash for 70 per cent of Regal for about £85m. The offer will run until 20 February.
Denis Rudev, the finance director at Smart Holding, said that Regal would continue to be listed on the stock market in London, in an effort to build a "reputation and track record" with investors before it seeks a potential flotation of Metinvest. The Ukrainian company has a 25 per cent stake in the metals group.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies