LONDON (Alliance News) - Ophir Energy PLC said Monday its board unanimously rejected a takeover offer from Jakarta-listed energy company PT Medco Energi Internasional Tbk, which values the UK-listed company at GBP343 million.
Ophir said it met formally to considered the 48.5 pence per share offer. It however rejected it, as it believes it "undervalues the company".
At the beginning of January, Ophir, which operates in Africa and Asia, confirmed it had received the offer from PT Medco Energi Global PTE Ltd, a subsidiary of Indonesia's PT Medco Energi Internasional.
Ophir will provide an update on its trading and operations on Tuesday.
PT Medco Energi Global PTE Ltd,