LONDON (Alliance News) - PT Medco Energi Internasional Tbk has made an increased offer for Ophir Energy PLC, it said on Thursday, while Coro Energy PLC has pulled out of an offer for Ophir.
In late January, Ophir agreed a GBP390.6 million deal with Indonesia's MedcoEnergi, in which the latter would pay 55 pence per share.
However, MedcoEnergi said Thursday this agreement has been increased to 57.5p per Ophir share, valuing the company at around GBP408.4 million.
Ophir shares closed at 56p on Wednesday, giving the company a market capitalisation of GBP396 million.
The Indonesian energy firm stressed this is a final increase, unless a third party comes in with its own offer.
An Ophir shareholder meeting will be held on Monday next week to vote on the offer, which Ophir's directors have recommended be accepted.
In its own statement Thursday, Ophir said in light of the MedcoEnergi increase, Coro will not be making an offer. In March, Coro had expressed interest for a possible bid worth 40p per share as well as shares in Coro which would have left Ophir's shareholders owning between 85% and 95% of the new business.
Coro Energy (CORO)