LONDON (Alliance News) - Ophir Energy PLC said on Monday the deadline for PT Medco Energi Internasional Tbk to firm its takeover intentions has been extended.
PT Medco, an Indonesia oil and gas producer, now has until 1700 GMT on Thursday to decide to make an official offer or not.
Discussions are being held over a possible acquisition offer for Ophir at 55 pence per share. The stock was up 5.8% on Monday at 50.10p.
Earlier in January, Ophir rebuffed a proposal at 48.5p per share, which valued Ophir at around GBP343 million. The 55p proposal would value Ophir at around GBP355.7 million.
PT Medco also recently has made tentative proposals valued at 58p and 53.8p per share.