EXI.L Share News (EXI)

Having received several takeover approaches, Russian-focused oil explorer Exillon Energy has appointed Goldman Sachs to consult on a formal review of its options. Chairman David Herbert stressed that the company's assets were "materially undervalued" by the market. "The board has unanimously concluded that the best way to maximise value for all shareholders at this time is to conduct a strategic review, including an objective auction process."On July 30th the fully listed group received an offer from Maksat Arip, a founder shareholder and former board member.Since then the company said it has received other "preliminary and conditional approaches in relation to an acquisition", although it has not announced any of these through the formal regulatory news service.As the London Takeover Panel has granted a dispensation from certain requirements of the formal sale process, any interested party participating in the formal sale process will not be required to be publicly identified and will not be required to complete any deal within the usual 28-day deadline. Arip has since had his assets frozen and been reported to the UK's Serious Fraud Office by London-listed paper producer Kazakhstan Kagazy, with the aim of recovering "misappropriated funds" from its former Chief Executive Officer Arip and former Chairman Baglan Zhunus.In 2012 Exillon received a £293,000 fine from the UK financial regulator for the failure to disclose arrangements whereby it paid expenses for Arip, including private travel and children's tuition, and then netted them off his salary, although Arip was not accused of wrongdoing by the watchdog.Shares in Exillon had gushed up 15.4% to 180p at 12:30 on Wednesday. OH