Sharechat Logo

OGOG declares partial NZOG takeover unconditional

Thursday 11th January 2018

Text too small?

OG Oil & Gas has declared its partial takeover for New Zealand Oil & Gas unconditional, having achieved more than enough support to take control of the NZX-listed energy explorer and producer. 

The Ofer Global unit today waived the outstanding conditions of its takeover offer, declaring the bid unconditional. Earlier this week a notice to the stock exchange showed the level of acceptances crossed OGOG's upper limit, meaning the offer will be scaled to cap the stake at 70 percent. 

Chief executive Alastair McGregor said payment and the acquisition of shares will take place on or before Jan. 19. 

OGOG offered 78 cents per share to secure a controlling stake in the New Zealand firm, trumping a rival bid by Zeta Resources, saying it wanted to preserve NZOG's exploration opportunities, especially the Barque prospect off the Canterbury coast.

The shares recently traded at 71 cents, up from the 62.5 cents before the first of the takeover bids emerged. 

(BusinessDesk)

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar falls with Aussie after Westpac's RBA rate cut call
Intuit juggernaut grows QuickBooks subscribers but momentum slows
Reaction to Budget rules relaxation shows balance 'about right', says Ardern
Augusta lifts net profit six fold as investors flock into new funds
Annual exports to China top $15 billion for first time
Gentrack posts $8.7M loss on CA Plus write-down
Westpac says RBNZ capital proposals would add $6,000 p.a. to an Auckland mortgage
Cavalier says market conditions still challenging
Ryman hikes dividend as annual earnings grow on wider development margin
24th May 2019 Morning Report

IRG See IRG research reports