(Alliance News) - Blake Holdings Ltd on Tuesday said it has closed its mandatory cash offer for the proposed acquisition of Hardy Oil & Gas PLC.
On November 25, Blake agreed to buy 9.2 million Hardy shares and, as such, was required to make a mandatory cash offer for all of the company's shares. It offered 5.00p per share in a GBP3.7 million bid.
However, in December, Hardy said the GBP3.7 million takeover bid is "materially undervalued", but the company and directors were unable to agree on whether to "give a recommendation to accept or reject the offer". Hardy also said the proposed offer represents a 15% discount to the firm's 5.75p closing price on November 22, the last trading day before Blake's offer period commenced.
Shares in Hardy closed untraded on Tuesday in London, last quoted at 4.82 pence each.
On January 6, Blake's offer had been declared unconditional in all respects but remained opened for acceptances until Tuesday.
Blake said it has received valid acceptances in respect of a total of 32.4 million Hardy shares, representing about 44% interest. In addition to that, Blake has held 31.2 million shares, about 42% stake. Overall, Blake owned or had received valid acceptances as of Tuesday in respect of a total of 63.6 million Hardy shares, representing just over 86% holding.
The offer has now closed and is no longer capable of being accepted, Blake said.
By Ife Taiwo; ifetaiwo@alliancenews.com
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