FAR weighs takeover offer
PERTH (miningweekly.com) – Africa-focused oil and gas developer FAR has flagged an off-market takeover offer from Samuel Terry Asset Management, which has offered to acquire FAR’s shares at a price of 45c each in cash.
The company currently holds a 4.9% stake in FAR, and is hoping to increase its shareholding in the ASX-listed company to at least 50.1%, it said on Monday.
The offer price of 45c a share represented a 23.3% premium over FAR’s last closing price on the ASX, and an 18.8% premium to the company’s one month volume weighted average price of FAR shares.
The offer is subject to a minimum acceptance condition of 50.1% of all FAR shares, as well as FAR not undertaking any material acquisitions or disposals, or new commitments, and the company not declaring any distributions.
The offer is expected to open on February 14 and will close on March 14.
FAR told shareholders that the company would consider the offer, and would advise shareholders of its recommendation in due course.
The company said that the takeover bid recognised that FAR’s shares were undervalued considering the company’s potential to receive a $55-million contingent payment from the sale of its Sangomar offshore and Sangomar deep offshore (RSSD) project, as well as its existing oil and gas interest.
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