Soco International confirms previous interest in Ophir; rules out fresh offer
Source - SMW
Oil company Soco International said it had made a share-based takeover offer for Ophir Energy that was rejected by its board.
'Soco has for some time believed that a combination with Ophir would create significant and long-term value for shareholders in both companies,' the company said in response to media speculation about a potential tie-up.
Soco said it made the approach on 17 January, but the board had unanimously rejected the proposal.
Ophir subsequently announced it had received a 55p per share takeover bid from Medco Energi Global.
In light of that development, Soco said a share-based combination with Ophir 'would currently be challenging to execute and so would represent an unacceptable level of risk for Soco shareholders'.
Soco added that it did not intend to make an offer for Ophir.
(LON:OPHR) Ophir Energy share price was -0.15p at 54.95p
(LON:SIA) SOCO International PLC share price was -0.55p at 67.95p