Indonesia's Medco Energi Bids GBP343 Million For Ophir Energy

LONDON (Alliance News) - PT Medco Energi Internasional TBK on Friday confirmed a possible GBP343 ...

Alliance News 11 January, 2019 | 11:11AM
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LONDON (Alliance News) - PT Medco Energi Internasional TBK on Friday confirmed a possible GBP343 million takeover bid for Ophir Energy PLC.

PT Medco stressed its announcement does not mean it has made a firm offer. Earlier in January, the oil and gas company confirmed an approach by Medco Energi, but said at the time no offer had been made.

PT Medco has told Ophir that if it makes an offer it will be worth 48.50 pence per Ophir share. With 707.2 million shares in issue, this values Ophir at GBP343.0 million.

The offer price, PT Medco said, is a 46% premium to Ophir's closing price on December 28 of 33.20p, the last day before PT Medco made known plans for a possible offer.

Ophir shares were 4.0% higher on Friday morning at a price of 44.70p.

By George Collard; georgecollard@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Ophir Energy PLC 56.90 GBX -0.18 -
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