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Petrogas not planning to make an offer for Deltic Energy
(Sharecast News) - Petrogas confirmed on Wednesday that it does not plan to make an offer for AIM-listed North Sea operator Deltic Energy.
Deltic announced last month that it had agreed a recommended cash acquisition by Neo Next+ Energy Upstream UK in a deal that valued the company at around £7.2m on a fully diluted basis.
Under the terms of the acquisition, Deltic shareholders will receive 7.7p in cash for each of their shares, which is a premium of about 156.7% to the closing share price on 21 April, the last trading day before the offer period began.
At 1226 BST, the shares were down 3.7% at 6.50p.
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Deltic Energy Shares in this article
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