Antrim Energy is set to consider a £6.35million offer from Sound Oil.
The Canada-focused company said it will consult with its board and legal and financial advisers following the takeover bid.
Mediterranean-focused explorer Sound Oil announced yesterday its desire to purchase the company.
Antrim Energy said prior to the announcement by Sound Oil it had attempted to engage in preliminary discussions regarding any takeover.
The company also said its board would “carefully review and evaluate” the offer and look to pursuing a course of action which would maximise shareholder value.
It said: “The company was and remains concerned by Sound Oil’s previous unwillingness to allow the company to undertake normal due diligence procedures which the board considers important for achieving a fair outcome in the interest of all of Antrim shareholders.
“The company invites Sound Oil to engage with Antrim in a conventional dialogue.”
Last year, Antrim Energy suffered losses of £23million last year and more than £80million in 2012 as increased impairment charges and delays on its Causeway asset took a big toll on its finances.
Soundboy & fangkat............all is better now...several beers later & stoutly fed - just got to endure the quiz now! It's all fun at the Manor Hotel, Okehampton. Tomorrow I am staying well clear of the Moor - its rifle shooting & my favourie - archery. I have a 37lb draw weight bow at home so a 20lb training bow holds no fear for me.
Crude.........I didn't see any hounds but I saw one or two rams corpses..........yikes I thought, as I struggled through the peat bog...........................
Joe, thanks. But paths on Dartmoor can be scarse. Once you stray from one.......bang, you're in a bog! I managed to follow the East Okemont River down from High Willways.....or was it Yes Tor............but almost worse than bog trotting was coming off the moor in completely the wrong place.............I left my car on Sourton Down, but that's not where I alighted. I had miles to walk on a main road to find my mitsi. Never again should I wake on Dartmoor unaccompanied by someone who at least knows East from West. Funny thing is my directional radar is usually good..........Dartmoor can be very confusing though.............Dartmoor
Having read the fantastic book about the Nabisco takeover - & also the grest book about 'The Taking of Getti Oil', I know things can get prety nasty with hostile takeover bids. 'Golden Parachutes' & 'poison pills' just two defensive measures employed. Leverage buyout kings KKR were famous back in the 80s using junk bonds & leveraging to the hilt so that any value was destroyed with the weight of debt acrued. This is hardly in that class............but it could be interesting. Our James has to figure out what cash will be left after all liabilities are settled........& if he has to up his offer......make sure there is still plenty of cash left.
Crude..........recovering from near death.................with a beer!
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